|
Expert Appraisal Reviews by Wood Appraisal ServiceAccording 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 obligation of appraisers performing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Wood Appraisal Service provides appraisal review services that are unbiased, qualified, professional and in accordance with the Federal Reserve's rules.The purpose of appraisal reviews are to determine: whether the original appraisal or evaluation is pertinent for the transaction, the liability inherit in the transaction, and whether the process by which the collateral valuation is rendered guarantees independence and quality. In addition, they must show whether the appraisal or evaluation report matches the letter of engagement, which sets forth the range of the appraisal assignment. The Fed also 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 conforming our work to the processes and guidelines of our review clients, there are four Fannie Mae forms that are mostly used for review services, and we can develop 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 Wood Appraisal Service, we are trained in every type of appraisal review, review practice and the obligations of review appraisers.
You can count on Wood Appraisal Service for our truthful judgment, because we offer professional, fair, ethical appraisal review services for our clients. Contact Wood Appraisal Service for more information regarding our qualifications, expertise and service offerings. |
|||||||||
Wood Appraisal Service knows what amounts to a quality appraisal and what the most common errors are, specifically for reports in our local real estate market.
In the same sense, we're proficient enough to respect that our competition in our market are capable of good work.
The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can count on us to lawfully study appraisal reports executed by others. And those others may be examining our work, too!