Qualified Appraisal Reviews by Hampton Roads ValuationsAs said 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 expectation of appraisers completing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Here at Hampton Roads Valuations, we provide appraisal review services that are unbiased, expert, professional and in accordance with the Federal Reserve's regulations.
A review appraisal has to verify: whether the original appraisal or evaluation is applicable for the transaction, the liability inherit in the transaction, and whether the procedure by which the collateral valuation is attained guarantees independence and quality. Moreover, they must show whether the appraisal or evaluation report is compatible with the engagement letter, which describes the outlook of the appraisal assignment. Lastly, the Federal Reserve 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 adjusting our work to the procedures and guidelines of our review customers, there are four Fannie Mae forms that are normally used for review services, and we'll 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. At Premier Appraisal Group, we're skilled in all kinds of appraisal reviews, review procedures and the requirements of review appraisers.
We understand what the greatest reporting deficiencies are, especially in our real estate market. We also understand what makes a quality appraisal. At the same time, we are sufficiently experienced to recognize that the competitors in our market are qualified to do quality work. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can rely on us to objectively valuate appraisal reports performed by others. And those others might be evaluating our work, too!
In short, here at Premier Appraisal Group, you can be sure of our honest judgment, because we offer professional, fair, ethical appraisal review services for our clients. Contact Hampton Roads Valuations regarding our qualifications, expertise and service offerings.