Appraisal Reviews by Scott Appraisal Co.As said in an announcement by the Federal Reserve (click here), "financial institutions must have an effective, independent real estate appraisal and evaluation program" and that it's the obligation of appraisers producing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." At Scott Appraisal Co., we provide appraisal review services that are objective, expert, professional and follow the Federal Reserve's regulations.
The purpose of appraisal reviews are to pursue: whether the original appraisal or evaluation is suitable for the transaction, the exposure inherit in the transaction, and whether the means by which the real estate valuation is acquired guarantees independence and quality. The review should also announce whether the appraisal or evaluation report matches the engagement letter, which sets forth the extent of the appraisal assignment. The Federal Reserve also goes on to say that "some banks supplement routine reviews with post-funding evaluations of appraisal quality for some of their higher-risk or greater-value transactions as a control to assist in detecting valuation problems".
In addition to adjusting our work to the procedures and guidelines of our review clients, there are four Fannie Mae forms that are widely used for review services, and we'll produce an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At Scott Appraisal Co., we're trained in most kinds of appraisal review, review practice and the responsibilities of review appraisers.
Scott Appraisal Co. realizes what the greatest reporting deficiencies are, specifically in our home market. We also know what amounts to a quality appraisal. In the same regard, we are skilled enough to recognize that our competitors in our market are capable of doing a fine job. You can trust Scott Appraisal Co. to ethically look over appraisal reports performed by others. And those others may be examining our work, too!
For professional, unbiased, ethical appraisal review services and honest judgments, you can depend on Scott Appraisal Co.. Contact us for more information regarding our qualifications, expertise and services offered.