Quality Appraisal Reviews by
CompChek AppraisalAs 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 it's the prudent for appraisers producing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Here at CompChek Appraisal, we provide appraisal review services that are unbiased, qualified, professional and in accordance with the Federal Reserve's guidelines.
A review appraisal has to ascertain: whether the original appraisal or evaluation is fitting for the transaction, the exposure inherit in the transaction, and whether the actions by which the real estate valuation is rendered ensures independence and quality. The review should also show whether the appraisal or evaluation report is consistent with the engagement letter, which sets forth the scope of the appraisal assignment. Lastly, 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 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 can prepare 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 CompChek Appraisal, we're qualified in all kinds of appraisal reviews, review processes and the requirements of review appraisers.
CompChek Appraisal is aware of what the most common reporting weaknesses are, specifically in our housing market. We also know what amounts to a quality appraisal. The professionals at CompChek Appraisal are also experienced enough to recognize that our competitors in our market are capable of doing quality work. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can rely on us to justly assess appraisal reports completed by others. And those others could be examining our work, too!
In short, when you choose CompChek Appraisal, you can be sure of our independent judgment, because we offer professional, fair, ethical appraisal review services for our customers. Contact us regarding our qualifications, expertise and services offered.