Experienced Appraisal Reviews with Concra Appraisal AssociatesAccording to a statement by the Federal Reserve (click here), "financial institutions must have an effective, independent real estate appraisal and evaluation program" and that it's the expectation of appraisers doing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." At Concra Appraisal Associates, we provide appraisal review services that are objective, efficient, professional and in accordance with the Federal Reserve's guidelines.
A review appraisal should reveal: whether the original appraisal or evaluation is pertinent for the transaction, the exposure inherit in the transaction, and whether the means by which the property valuation is acquired ensures independence and quality. They must also signify whether the appraisal or evaluation report is compatible with the letter of engagement, which describes the reach of the appraisal assignment. The Fed 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 adjusting our work to the forms and guidelines of our review clients, there are four Fannie Mae forms that are normally used for review services, and we'll prepare an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. Here at Concra Appraisal Associates, we're experienced in all types of appraisal reviews, review procedures and the obligations of review appraisers.
e are familiar with what represents a quality appraisal and what the most frequent defects are, specifically when it comes to our home market. The professionals at Concra Appraisal Associates are also skilled enough to acknowledge that the competition in our market are capable of doing good work. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can rely on us to ethically evaluate appraisal reports completed by others. And those others might be reviewing our work, too!
For professional, fair, ethical appraisal review services and neutral judgments, you can depend on Concra Appraisal Associates. Contact Concra Appraisal Associates to learn more about our qualifications, expertise and services offered.