Quality Appraisal Reviews by Crandall Appraisal ServiceAs 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 have to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Crandall Appraisal Service provides appraisal review services that are independent, qualified, professional and in accordance with the Federal Reserve's rules.
A review appraisal should determine: whether the original appraisal or evaluation is suitable for the transaction, the exposure inherit in the transaction, and whether the manners by which the property valuation is acquired guarantees independence and quality. In addition, they must announce whether the appraisal or evaluation report is consistent with the letter of engagement, which describes the scope of the appraisal assignment. The Fed 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 regulations and guidelines of our review customers, there are four Fannie Mae forms that are usually used for review services, and we can prepare an appraisal review on any one of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. Here at Crandall Appraisal Service, we're qualified in every kind of appraisal review, review procedure and the responsibilities of review appraisers.
Crandall Appraisal Service is aware of what the most prevalent report imperfections are, particularly in our real estate market, as well as what represents a quality appraisal. We're also trained enough to identify that the competitors in our market are able to do quality work. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can rely on Crandall Appraisal Service to ethically look over appraisal reports executed by others. And those others may be evaluating our work, too!
You can count on Crandall Appraisal Service for our truthful judgment, because we offer professional, fair, ethical appraisal review services for our customers. Contact us to learn more about our qualifications, expertise and service offerings.