Skilled Appraisal Reviews by JM Appraisal ServicesAs said in 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 call of appraisers undertaking reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Here at JM Appraisal Services, we provide appraisal review services that are objective, qualified, professional and compliant with the Federal Reserve's regulations.
A review appraisal should detect: whether the original appraisal or evaluation is suitable for the transaction, the risk inherit in the transaction, and whether the manner by which the property valuation is rendered guarantees independence and quality. The review should also show whether the appraisal or evaluation report is consistent with the letter of engagement, which gives an account of the scope of the appraisal assignment. The Federal Reserve 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 adapting our work to the regulations and guidelines of our review clients, there are four Fannie Mae forms that are primarily used for review services, and we will develop an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. Here at JM Appraisal Services, we are skilled in all forms of appraisal reviews, review practices and the obligations of review appraisers.
We are familiar with what the most frequent report deficiencies are, specifically in our housing market, as well as what represents a quality appraisal. In this regard, we're amply skilled to know that our competitors in our market are able to do a fine job. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can trust us to objectively examine appraisal reports completed by others. And those others may be reviewing our work, too!
Here at JM Appraisal Services, you can rely on our neutral judgment, because we offer professional, objective, ethical appraisal review services for our clients. Contact JM Appraisal Services regarding our qualifications, expertise and service offerings.