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Competent Appraisal Reviews by South Sound Appraisal, Inc.According to a statement by the Federal Reserve (click here), "financial institutions must have an effective, independent real estate appraisal and evaluation program" and that it's the duty of appraisers engaged in reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." At South Sound Appraisal, Inc., we provide appraisal review services that are impartial, expert, professional and square with the Federal Reserve's rules.The purpose of appraisal reviews are to ascertain: whether the original appraisal or evaluation is appropriate for the transaction, the liability inherit in the transaction, and whether the procedure by which the property valuation is accomplished ensures independence and quality. Moreover, they must announce whether the appraisal or evaluation report matches the engagement letter, which gives an account of the outlook of the appraisal assignment. Lastly, the Fed states 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 coordinating our work to the processes and guidelines of our review clients, there are four Fannie Mae forms that are largely used for review services, and we will 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. Here at South Sound Appraisal, Inc., we are qualified in every type of appraisal review, review process and the obligations of review appraisers.
For professional, impartial, ethical appraisal review services and independent judgments, you can count on South Sound Appraisal, Inc.. Contact South Sound Appraisal, Inc. to learn more about our qualifications, expertise and services offered. |
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South Sound Appraisal, Inc. realizes what the most common reporting defects are, specifically in our real estate market. We also understand what makes a quality appraisal.
In the same regard, we're sufficiently trained to identify that our competition in our market are skillful in doing quality work.
The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can count on South Sound Appraisal, Inc. to fairly examine appraisal reports performed by others. And those others might be examining our work, too!