Appraisal Reviews with Amtex AppraisalAs 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 obligation of appraisers doing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." At Amtex Appraisal, we provide appraisal review services that are unbiased, expert, professional and square with the Federal Reserve's guidelines.
The purpose of appraisal reviews are to ascertain: whether the original appraisal or evaluation is pertinent for the transaction, the exposure inherit in the transaction, and whether the method by which the collateral valuation is attained ensures independence and quality. Moreover, they must announce whether the appraisal or evaluation report is consistent with the letter of engagement, which gives an account of the extent 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 processes and guidelines of our review customers, there are four Fannie Mae forms that are widely used for review services, and we can formulate 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 Amtex Appraisal, we're qualified in every form of appraisal review, review process and the obligations of review appraisers.
We know what the most likely report inadequacies are, particularly in our housing market, as well as what makes a quality appraisal. In the same regard, we're amply skilled to acknowledge that the competition in our market are capable of quality work. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can rely on us to lawfully look over appraisal reports done by others. And those others might be evaluating our work, too!
In short, at Amtex Appraisal, you can rely on our honest judgment, because we offer professional, fair, ethical appraisal review services for our clients. Contact us to learn more about our qualifications, expertise and services offered.