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Expert Appraisal Reviews with Parks AppraisalsAccording to a statement by the Federal Reserve (click here), "financial institutions must have an effective, independent real estate appraisal and evaluation program" and that appraisers preparing reviews should "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Here at Parks Appraisals, we provide appraisal review services that are impartial, efficient, professional and in line with the Federal Reserve's rules.The purpose of appraisal reviews are to find out: whether the original appraisal or evaluation is suitable for the transaction, the risk inherit in the transaction, and whether the manner by which the real estate valuation is rendered guarantees independence and quality. Moreover, they must show whether the appraisal or evaluation report is in line with the engagement letter, which gives an account of the outlook of the appraisal assignment. 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 conforming our work to the forms and guidelines of our review customers, there are four Fannie Mae forms that are widely used for review services, and we will 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 Parks Appraisals, we're experienced in every form of appraisal review, review process and the responsibilities of review appraisers.
At Parks Appraisals, you can count on our honest judgment, because we offer professional, fair, ethical appraisal review services for our customers. Contact Parks Appraisals regarding our qualifications, expertise and services offered. |
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We are aware of what the most common report defects are, specifically in our real estate market, as well as what makes a quality appraisal.
In this regard, we are amply skilled to know that our competitors in our market are skillful in doing quality work.
The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can count on Parks Appraisals to ethically valuate appraisal reports completed by others. And those others may be reviewing our work, too!