Complete Appraisal Reviews with Taylor Appraisal ServiceAs 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 producing reviews ought to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." At Taylor Appraisal Service, we provide appraisal review services that are impartial, qualified, professional and in accordance with the Federal Reserve's rules.
The purpose of appraisal reviews are to verify: whether the original appraisal or evaluation is fitting for the transaction, the risk inherit in the transaction, and whether the practices by which the collateral valuation is attained ensures independence and quality. In addition, they should indicate whether the appraisal or evaluation report matches the engagement letter, which describes the capacity 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 coordinating our work to the processes and guidelines of our review customers, there are four Fannie Mae forms that are typically used for review services, and we will prepare 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 Taylor Appraisal Service, we're trained in every type of appraisal review, review practice and the responsibilities of review appraisers.
We are familiar with what the most frequent reporting weaknesses are, particularly in our real estate market. We also know what amounts to a quality appraisal. We're also sufficiently skilled to identify that our competition in our market are capable of doing a good job. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can rely on Taylor Appraisal Service to lawfully look over appraisal reports done by others. And those others may be examining our work, too!
For professional, impartial, ethical appraisal review services and truthful judgments, you can depend on Taylor Appraisal Service. Contact Taylor Appraisal Service for more information regarding our qualifications, expertise and services offered.