Experienced Appraisal Reviews by Bell Appraisal ServicesAccording 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 undertaking reviews are compelled to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Here at Bell Appraisal Services, we provide appraisal review services that are objective, efficient, professional and in accordance with the Federal Reserve's regulations.
A review appraisal has to detect: whether the original appraisal or evaluation is applicable for the transaction, the exposure inherit in the transaction, and whether the methods by which the property valuation is accomplished guarantees independence and quality. They should also announce whether the appraisal or evaluation report is in line with the engagement letter, which sets forth the range of the appraisal assignment. The Federal Reserve 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 adapting our work to the forms and guidelines of our review customers, there are four Fannie Mae forms that are usually used for review services, and we will develop an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At Bell Appraisal Services, we are qualified in all kinds of appraisal reviews, review procedures and the obligations of review appraisers.
Bell Appraisal Services understands what the typical report defects are, specifically in our housing market, as well as what amounts to a quality appraisal. In the same regard, we are adequately skilled to recognize that our competitors in our market are qualified to do a fine job. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can rely on us to objectively evaluate appraisal reports carried out by others. And those others could be studying our work, too!
Here at Bell Appraisal Services, you can trust our truthful judgment, because we offer professional, impartial, ethical appraisal review services for our customers. Contact Bell Appraisal Services for more information regarding our qualifications, expertise and services offered.