Complete Appraisal Reviews by Southmost Realty, Appraisals & Court Expert WitnessAs 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 it's the call of appraisers doing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." At Southmost Realty, Appraisals & Court Expert Witness, we provide appraisal review services that are unbiased, expert, professional and in line with the Federal Reserve's guidelines.
The purpose of appraisal reviews are to pursue: whether the original appraisal or evaluation is relevant for the transaction, the risk inherit in the transaction, and whether the procedure by which the collateral valuation is obtained ensures independence and quality. In addition, they must demonstrate whether the appraisal or evaluation report is compatible with the engagement letter, which describes the scope of the appraisal assignment. The Federal Reserve says 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 processes and guidelines of our review customers, there are four Fannie Mae forms that are typically used for review services, and we can 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 Southmost Realty, Appraisals & Court Expert Witness, we are experienced in all forms of appraisal reviews, review practices and the obligations of review appraisers.
Southmost Realty, Appraisals & Court Expert Witness understands what the most frequent reporting weaknesses are, particularly in our home market. We also understand what makes a quality appraisal. Concurrently, we are amply trained to know that the competition in our market are capable of a fine job. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can trust Southmost Realty, Appraisals & Court Expert Witness to lawfully assess appraisal reports executed by others. And those others could be examining our work, too!
For professional, objective, ethical appraisal review services and truthful judgments, you can rely on Southmost Realty, Appraisals & Court Expert Witness. Contact us regarding our qualifications, expertise and service offerings.
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