Experienced Appraisal Reviews by Craggs Appraisal Services, LTDAs said 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." Here at Craggs Appraisal Services, LTD, we provide appraisal review services that are independent, qualified, professional and compliant with the Federal Reserve's guidelines.
The purpose of appraisal reviews are to reveal: whether the original appraisal or evaluation is suitable for the transaction, the exposure inherit in the transaction, and whether the actions by which the real estate valuation is rendered guarantees independence and quality. In addition, they should announce whether the appraisal or evaluation report is in line with the letter of engagement, which sets forth the range of the appraisal assignment. Lastly, the Fed 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 tailoring our work to the practices and guidelines of our review clients, there are four Fannie Mae forms that are primarily used for review services, and we'll 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. At Craggs Appraisal Services, LTD, we are trained in every form of appraisal review, review practice and the obligations of review appraisers.
Craggs Appraisal Services, LTD knows what constitutes a quality appraisal and what the most common defects are, specifically in our local housing market. In this regard, we are proficient enough to realize that the competitors in our market are capable of doing good work. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can trust Craggs Appraisal Services, LTD to ethically review appraisal reports done by others. And those others could be evaluating our work, too!
When you choose Craggs Appraisal Services, LTD, you can have confidence in our honest judgment, because we offer professional, objective, ethical appraisal review services for our clients. Contact Craggs Appraisal Services, LTD for more information about our qualifications, expertise and service offerings.