|
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 it's the call of appraisers engaged in reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Here at McGinnis Real Esate Appraisal Group, LLC., we provide appraisal review services that are objective, expert, professional and in line with the Federal Reserve's rules.The purpose of appraisal reviews are to reveal: whether the original appraisal or evaluation is relevant for the transaction, the exposure inherit in the transaction, and whether the method by which the collateral valuation is rendered guarantees independence and quality. They must also demonstrate whether the appraisal or evaluation report is true to the engagement letter, which gives an account of the scope of the appraisal assignment. The Federal Reserve also 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 conforming our work to the practices and guidelines of our review clients, there are four Fannie Mae forms that are normally used for review services, and we can produce 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 McGinnis Real Esate Appraisal Group, LLC., we're skilled in every type of appraisal review, review practice and the responsibilities of review appraisers.
For professional, impartial, ethical appraisal review services and independent judgments, you can count on McGinnis Real Esate Appraisal Group, LLC.. Contact McGinnis Real Esate Appraisal Group, LLC. regarding our qualifications, expertise and service offerings. |
|||||||||
We understand what makes a quality appraisal and what the greatest imperfections are, specifically in our local housing market.
The professionals at McGinnis Real Esate Appraisal Group, LLC., LLC.are also skilled enough to respect that the competitors in our market are capable of doing quality work.
The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can count on McGinnis Real Esate Appraisal Group, LLC., LLC.to lawfully evaluate appraisal reports done by others. And those others might be reviewing our work, too!