Appraisal ReviewsAccording 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 should "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Stern & Dragoset Appraisal Group provides appraisal review services that are unbiased, expert, professional and in accordance with the Federal Reserve's guidelines.
A review appraisal has to verify: whether the original appraisal or evaluation is pertinent for the transaction, the exposure inherit in the transaction, and whether the process by which the property valuation is rendered ensures independence and quality. The review must also denote whether the appraisal or evaluation report is consistent with the letter of engagement, which sets forth the scope of the appraisal assignment. Lastly, 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 processes and guidelines of our review clients, there are four Fannie Mae forms that are normally used for review services, and we will prepare an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At Stern & Dragoset Appraisal Group, we are experienced in all forms of appraisal reviews, review procedures and the requirements of review appraisers.
We realize what represents a quality appraisal and what the greatest defects are, specifically when it comes to our local housing market. We're also sufficiently experienced to distinguish that the competitors in our market are able to do a fine job. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can rely on us to justly evaluate appraisal reports completed by others. And those others may be reviewing our work, too!
At Stern & Dragoset Appraisal Group, you can rely on our truthful judgment, because we offer professional, fair, ethical appraisal review services for our clients. Contact us for more information regarding our qualifications, expertise and services offered.