Appraisal ReviewsAs 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 fulfilling reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Here at Dawson Appraisal Services, we provide appraisal review services that are impartial, qualified, professional and compliant with the Federal Reserve's guidelines.
A review appraisal has to ascertain: whether the original appraisal or evaluation is applicable for the transaction, the exposure inherit in the transaction, and whether the manner by which the property valuation is obtained ensures independence and quality. The review must also show whether the appraisal or evaluation report is true to the engagement letter, which gives an account of the range of the appraisal assignment. Lastly, the Fed also says 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 practices and guidelines of our review customers, there are four Fannie Mae forms that are generally used for review services, and we'll produce an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At Dawson Appraisal Services, we are experienced in all kinds of appraisal reviews, review practices and the responsibilities of review appraisers.
We know what the biggest reporting weaknesses are, specifically in our housing market. We also know what amounts to a quality appraisal. The professionals at Dawson Appraisal Services are also sufficiently skilled to acknowledge that our competition in our market are qualified to do good work. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can count on us to objectively assess appraisal reports carried out by others. And those others could be studying our work, too!
In short, at Dawson Appraisal Services, you can count on our independent judgment, because we offer professional, fair, ethical appraisal review services for our customers. Contact us for more information about our qualifications, expertise and services offered.