Qualified Appraisal Reviews with Eckert Appraisal Group, Inc.As 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 prudent for appraisers fulfilling reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Here at Eckert Appraisal Group, Inc., we provide appraisal review services that are objective, expert, professional and in accordance with the Federal Reserve's regulations.
The purpose of appraisal reviews are to verify: whether the original appraisal or evaluation is well-suited for the transaction, the exposure inherit in the transaction, and whether the procedure by which the real estate valuation is accomplished ensures independence and quality. They must also signify whether the appraisal or evaluation report is consistent with the letter of engagement, which gives an account of the extent of the appraisal assignment. Lastly, the Fed also goes on to say 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 forms and guidelines of our review clients, there are four Fannie Mae forms that are primarily used for review services, and we can develop an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At Eckert Appraisal Group, Inc., we are trained in all types of appraisal reviews, review processes and the requirements of review appraisers.
Eckert Appraisal Group, Inc. understands what constitutes a quality appraisal and what the biggest inadequacies are, specifically when it comes to our local real estate market. The professionals at Eckert Appraisal Group, Inc. are also sufficiently experienced to recognize that the competition in our market are qualified to do a fine job. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can rely on Eckert Appraisal Group, Inc. to lawfully examine appraisal reports executed by others. And those others could be examining our work, too!
You can rely on Eckert Appraisal Group, Inc. for our independent judgment, because we offer professional, unbiased, ethical appraisal review services for our customers. Contact us for more information about our qualifications, expertise and service offerings.