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Appraisal Reviews with Victoria L. Gill SCRREAAccording 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 duty of appraisers preparing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." At Victoria L. Gill SCRREA, we provide appraisal review services that are independent, qualified, professional and in line with the Federal Reserve's guidelines.A review appraisal should detect: whether the original appraisal or evaluation is fitting for the transaction, the exposure inherit in the transaction, and whether the process by which the property valuation is attained guarantees independence and quality. The review must also demonstrate whether the appraisal or evaluation report is compatible with the engagement letter, which describes the reach of the appraisal assignment. Lastly, 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 adapting our work to the procedures 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. Here at Victoria L. Gill SCRREA, we are skilled in all types of appraisal reviews, review processes and the responsibilities of review appraisers.
In short, here at Victoria L. Gill SCRREA, you can count on our truthful judgment, because we offer professional, impartial, ethical appraisal review services for our customers. Contact us to learn more about our qualifications, expertise and services offered. |
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We realize what the biggest reporting imperfections are, especially in our real estate market. We also understand what constitutes a quality appraisal.
In this regard, we are adequately trained to respect that the competition in our market are capable of doing a great job.
The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can count on Victoria L. Gill SCRREA to justly valuate appraisal reports executed by others. And those others could be examining our work, too!