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Appraisal Reviews with Town and Country Appraisals LLCAccording to 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 undertaking reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Here at Town and Country Appraisals LLC, we provide appraisal review services that are unbiased, qualified, professional and in accordance with the Federal Reserve's rules.The purpose of appraisal reviews are to detect: whether the original appraisal or evaluation is suitable for the transaction, the risk inherit in the transaction, and whether the actions by which the real estate valuation is obtained guarantees independence and quality. The review should also show whether the appraisal or evaluation report is consistent with the letter of engagement, which describes the extent of the appraisal assignment. Lastly, the Fed 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 adapting our work to the practices and guidelines of our review customers, there are four Fannie Mae forms that are mostly used for review services, and we can produce 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 Town and Country Appraisals LLC, we're trained in all forms of appraisal reviews, review processes and the requirements of review appraisers.
You can rely on Town and Country Appraisals LLC for our neutral judgment, because we offer professional, impartial, ethical appraisal review services for our clients. Contact Town and Country Appraisals LLC for more information about our qualifications, expertise and services offered. |
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Town and Country Appraisals LLC realizes what the most common reporting imperfections are, particularly in our housing market. We also understand what makes a quality appraisal.
In this regard, we are trained enough to realize that the competitors in our market are qualified to do good work.
The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can rely on us to objectively study appraisal reports done by others. And those others might be examining our work, too!