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Appraisal Reviews by Steinley Real Estate AppraisalsAs stated in an announcement by the Federal Reserve (click here), "financial institutions must have an effective, independent real estate appraisal and evaluation program" and that appraisers performing reviews are compelled to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Steinley Real Estate Appraisals provides appraisal review services that are objective, efficient, professional and in accordance with the Federal Reserve's regulations.The purpose of appraisal reviews are to pursue: whether the original appraisal or evaluation is fitting for the transaction, the liability inherit in the transaction, and whether the practices by which the real estate valuation is obtained guarantees independence and quality. Moreover, they must indicate whether the appraisal or evaluation report is in line with the engagement letter, which gives an account of the extent of the appraisal assignment. Lastly, the Federal Reserve notes 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 conforming our work to the forms and guidelines of our review clients, there are four Fannie Mae forms that are generally used for review services, and we'll formulate an appraisal review on any one of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At Steinley Real Estate Appraisals, we're qualified in all kinds of appraisal reviews, review practices and the responsibilities of review appraisers.
In short, when you choose Steinley Real Estate Appraisals, you can rely on our honest judgment, because we offer professional, unbiased, ethical appraisal review services for our clients. Contact us to learn more about our qualifications, expertise and service offerings. |
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Steinley Real Estate Appraisals understands what the greatest reporting imperfections are, especially in our real estate market. We also know what makes a quality appraisal.
The professionals at Steinley Real Estate Appraisals are also experienced enough to recognize that the competition in our market are able to do a great job.
The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can rely on us to justly examine appraisal reports carried out by others. And those others could be reviewing our work, too!