Quality Appraisal Reviews by DFW Quality AppraisalAccording 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 call of appraisers performing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Here at DFW Quality Appraisal, we provide appraisal review services that are unbiased, qualified, professional and in accordance with the Federal Reserve's guidelines.
A review appraisal should reveal: whether the original appraisal or evaluation is relevant for the transaction, the liability inherit in the transaction, and whether the procedures by which the real estate valuation is attained guarantees independence and quality. The review should also show whether the appraisal or evaluation report is true to the engagement letter, which describes the depth 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 tailoring our work to the regulations and guidelines of our review customers, there are four Fannie Mae forms that are primarily 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 DFW Quality Appraisal, we're experienced in every kind of appraisal review, review process and the responsibilities of review appraisers.
DFW Quality Appraisal realizes what represents a quality appraisal and what the most prevalent imperfections are, especially in our home market. We're also sufficiently experienced to respect that our competition in our market are qualified to do a fine job. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can count on us to objectively valuate appraisal reports performed by others. And those others may be reviewing our work, too!
For professional, unbiased, ethical appraisal review services and truthful judgments, you can count on DFW Quality Appraisal. Contact DFW Quality Appraisal regarding our qualifications, expertise and service offerings.