Qualified Appraisal Reviews by Desert Sky Appraisers
As said in an announcement by the Federal Reserve, "financial institutions must have an effective, objective real estate appraisal and evaluation plan," and that appraisers performing reviews are obligated to "have the knowledge and expertise to determine compliance with the Federal Reserves appraisal regulations and guidelines." Desert Sky Appraisers provides appraisal review services that are objective, qualified, professional and in accordance with the Federal Reserve's rules.
If you have questions in reference to an appraisal, or if you need a real estate appraisal review, contact us today.
According to the Federal Reserve, appraisal reviews "should determine whether the appraisal or evaluation is pertinent for the transaction, the uncertainty of the transaction, and whether the means by which the collateral valuation is acquired guarantees independence and quality." In addition, they "must announce whether the appraisal or evaluation report is true to the letter of engagement, which gives an account of the capacity of the appraisal assignment." Last, The Federal Reserve notes that "some banks supplement regular reviews with post-funding assessments of appraisal quality for any 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 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 Desert Sky Appraisers, we are trained in all types of appraisal reviews, review processes and the requirements of review appraisers.
We're aware of what the most common inadequacies are, particularly in our home market. We also know what constitutes a quality appraisal. We're also trained enough to distinguish that our competitors in our market are skillful in doing good work. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can rely on us to fairly examine appraisal reports executed by others. And those others may be reviewing our work, too!
You can trust Desert Sky Appraisers for our honest judgment, because we offer professional, impartial, ethical appraisal review services for our customers. Contact us for more information about our qualifications, expertise and service offerings.