Penna Appraisals Appraisal ReviewsAs said in a statement by the Federal Reserve (click here), "financial institutions must have an effective, independent real estate appraisal and evaluation program" and that appraisers performing reviews are obligated to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." At Penna Appraisals, we provide appraisal review services that are impartial, efficient, professional and in line with the Federal Reserve's regulations.
A review appraisal has to detect: whether the original appraisal or evaluation is appropriate for the transaction, the exposure inherit in the transaction, and whether the manner by which the real estate valuation is attained guarantees independence and quality. In addition, they should signify whether the appraisal or evaluation report is true to the letter of engagement, which gives an account of the outlook of the appraisal assignment. Lastly, the Fed 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 processes and guidelines of our review customers, there are four Fannie Mae forms that are usually used for review services, and we will formulate an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At Penna Appraisals, we're trained in all types of appraisal reviews, review processes and the obligations of review appraisers.
We know what the most prevalent report defects are, particularly in our home market, as well as what represents a quality appraisal. Concurrently, we are amply trained to recognize that the competition in our market are skillful in doing a good job. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can trust us to fairly study appraisal reports completed by others. And those others could be examining our work, too!
You can count on Penna Appraisals for our honest judgment, because we offer professional, impartial, ethical appraisal review services for our clients. Contact us to learn more about our qualifications, expertise and service offerings.