|
Appraisal ReviewsAs 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 call of appraisers engaged in reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Here at Greater Houston Appraisal Group, Inc., we provide appraisal review services that are unbiased, expert, professional and compliant with the Federal Reserve's regulations.The purpose of appraisal reviews are to determine: whether the original appraisal or evaluation is relevant for the transaction, the liability inherit in the transaction, and whether the method by which the property valuation is acquired ensures independence and quality. The review should also indicate whether the appraisal or evaluation report is true to the engagement letter, which describes the scope of the appraisal assignment. Lastly, the Fed also states 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 regulations and guidelines of our review clients, there are four Fannie Mae forms that are normally used for review services, and we will 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 Greater Houston Appraisal Group, Inc., we're trained in all forms of appraisal reviews, review practices and the obligations of review appraisers.
You can count on Greater Houston Appraisal Group, Inc. for our honest judgment, because we offer professional, unbiased, ethical appraisal review services for our customers. Contact Greater Houston Appraisal Group, Inc. regarding our qualifications, expertise and services offered. |
|||||||||
We understand what the typical report deficiencies are, particularly in our home market, as well as what constitutes a quality appraisal.
The professionals at Greater Houston Appraisal Group, Inc. are also amply trained to know that our competition in our market are qualified to do a great job.
The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can rely on Greater Houston Appraisal Group, Inc. to lawfully review appraisal reports done by others. And those others might be examining our work, too!