Appraisal Reviews with Edward Miller Appraisal ServicesAccording to a statement by the Federal Reserve (click here), "financial institutions must have an effective, independent real estate appraisal and evaluation program" and that appraisers producing reviews should "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." At Edward Miller Appraisal Services, we provide appraisal review services that are objective, qualified, professional and square with the Federal Reserve's guidelines.
A review appraisal has to pursue: whether the original appraisal or evaluation is applicable for the transaction, the liability inherit in the transaction, and whether the means by which the real estate valuation is accomplished guarantees independence and quality. The review should also announce whether the appraisal or evaluation report is in line with the engagement letter, which gives an account of the depth of the appraisal assignment. Lastly, the Fed also 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 procedures and guidelines of our review clients, there are four Fannie Mae forms that are largely used for review services, and we will develop 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 Edward Miller Appraisal Services, we're qualified in all types of appraisal reviews, review processes and the responsibilities of review appraisers.
We know what the most likely report defects are, particularly in our housing market, as well as what makes a quality appraisal. We're also skilled enough to recognize that the competition in our market are capable of a great job. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can trust Edward Miller Appraisal Services to ethically look over appraisal reports done by others. And those others may be studying our work, too!
You can trust Edward Miller Appraisal Services for our truthful judgment, because we offer professional, unbiased, ethical appraisal review services for our clients. Contact Edward Miller Appraisal Services for more information regarding our qualifications, expertise and service offerings.