Skilled Appraisal Reviews by Michael Smith Appraisals, IncAs 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 appraisers producing reviews ought to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Michael Smith Appraisals, Inc provides appraisal review services that are objective, efficient, professional and compliant with the Federal Reserve's regulations.
A review appraisal should reveal: whether the original appraisal or evaluation is pertinent for the transaction, the liability inherit in the transaction, and whether the procedure by which the collateral valuation is attained ensures independence and quality. They must also show whether the appraisal or evaluation report is in line with the letter of engagement, which gives an account of the range of the appraisal assignment. Lastly, the Federal Reserve also states 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 regulations and guidelines of our review clients, there are four Fannie Mae forms that are widely used for review services, and we can formulate 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 Michael Smith Appraisals, Inc, we're trained in all types of appraisal reviews, review processes and the responsibilities of review appraisers.
Michael Smith Appraisals, Inc realizes what the most frequent report inadequacies are, specifically in our home market, as well as what represents a quality appraisal. The professionals at Michael Smith Appraisals, Inc are also amply trained to distinguish that the competitors in our market are skillful in doing quality work. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can count on us to fairly examine appraisal reports executed by others. And those others may be reviewing our work, too!
For professional, impartial, ethical appraisal review services and truthful judgments, you can rely on Michael Smith Appraisals, Inc. Contact Michael Smith Appraisals, Inc for more information regarding our qualifications, expertise and services offered.