Complete Appraisal Reviews with Kenny G. Adams, SRAAccording 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 completing reviews are obligated to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Kenny G. Adams, SRA provides appraisal review services that are impartial, qualified, professional and square with the Federal Reserve's guidelines.
A review appraisal should determine: whether the original appraisal or evaluation is relevant for the transaction, the liability inherit in the transaction, and whether the procedures by which the collateral valuation is obtained guarantees independence and quality. Moreover, they should demonstrate whether the appraisal or evaluation report is consistent with the letter of engagement, which sets forth the extent of the appraisal assignment. The Federal Reserve also 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 conforming our work to the practices and guidelines of our review customers, there are four Fannie Mae forms that are normally used for review services, and we'll 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 Kenny G. Adams, SRA, we're experienced in all types of appraisal reviews, review processes and the responsibilities of review appraisers.
We're aware of what the typical report deficiencies are, especially in our real estate market, as well as what represents a quality appraisal. The professionals at Kenny G. Adams, SRA are also sufficiently skilled to identify that our competition in our market are able to do a fine job. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can count on us to justly review appraisal reports performed by others. And those others might be examining our work, too!
For professional, impartial, ethical appraisal review services and independent judgments, you can count on Kenny G. Adams, SRA. Contact Kenny G. Adams, SRA for more information about our qualifications, expertise and services offered.