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Straightline Appraisal - Appraisal ReviewsAs stated in an announcement by the Federal Reserve (click here), "financial institutions must have an effective, independent real estate appraisal and evaluation program" and that the expectation of appraisers doing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve appraisal regulations and guidelines." Straightline Appraisal provides appraisal review services that are objective, expert, professional and in line with the Federal Reserve guidelines.A review appraisal has to find out: whether the original appraisal or evaluation is applicable for the transaction, the exposure inherit in the transaction, and whether the procedure by which the property valuation is acquired guarantees independence and quality. The review must also show whether the appraisal or evaluation report is in line with the engagement letter, which sets forth the scope of the appraisal assignment. The Federal Reserve 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 adapting our work to the processes and guidelines of our review customers, there are four Fannie Mae forms that are mostly used for review services, and we can 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 Straightline Appraisal, we're trained in all kinds of appraisal reviews, review practices and the responsibilities of review appraisers.
You can trust Straightline Appraisal for our truthful judgment, because we offer professional, objective, ethical appraisal review services for our clients. Contact Straightline Appraisal regarding our qualifications, expertise and services offered. |
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We are aware of what amounts to a quality appraisal and what the most frequent defects are, especially for reports in our local real estate market.
In the same sense, we're proficient enough to recognize that our competitors in our market are capable of quality work.
The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can trust us to justly evaluate appraisal reports executed by others. And those others could be examining our work, too!