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Complete Appraisal Reviews with CW alamodeAccording to 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 responsibility of appraisers completing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." At CW alamode, we provide appraisal review services that are objective, qualified, professional and in accordance with the Federal Reserve's guidelines.The purpose of appraisal reviews are to detect: whether the original appraisal or evaluation is appropriate for the transaction, the liability inherit in the transaction, and whether the procedures by which the property valuation is accomplished guarantees independence and quality. In addition, they must signify whether the appraisal or evaluation report is true to the letter of engagement, which describes the outlook of the appraisal assignment. Lastly, the Federal Reserve 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 practices and guidelines of our review clients, there are four Fannie Mae forms that are widely used for review services, and we will 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 CW alamode, we are experienced in every type of appraisal review, review process and the requirements of review appraisers.
For professional, objective, ethical appraisal review services and neutral judgments, you can rely on CW alamode. Contact CW alamode for more information regarding our qualifications, expertise and services offered. |
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CW alamode is aware of what the most common report imperfections are, especially in our housing market, as well as what makes a quality appraisal.
At the same time, we are adequately experienced to respect that our competition in our market are capable of 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 justly examine appraisal reports done by others. And those others may be studying our work, too!