Appraisal Reviews with Parkway AppraisalsAs 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 appraisers doing reviews are obligated to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Parkway Appraisals provides appraisal review services that are unbiased, qualified, professional and in accordance with the Federal Reserve's regulations.
The purpose of appraisal reviews are to pursue: whether the original appraisal or evaluation is well-suited for the transaction, the exposure inherit in the transaction, and whether the procedure by which the property valuation is acquired guarantees independence and quality. In addition, they should denote whether the appraisal or evaluation report is compatible with the letter of engagement, which sets forth the extent of the appraisal assignment. Lastly, the Fed 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 adjusting our work to the procedures and guidelines of our review customers, there are four Fannie Mae forms that are generally used for review services, and we will prepare an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At Parkway Appraisals, we are skilled in every form of appraisal review, review procedure and the obligations of review appraisers.
Parkway Appraisals realizes what constitutes a quality appraisal and what the most prevalent deficiencies are, particularly when it comes to our home market. In the same sense, we are amply experienced to distinguish that our competition in our market are capable of a fine job. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can count on Parkway Appraisals to justly assess appraisal reports carried out by others. And those others could be evaluating our work, too!
In short, at Parkway Appraisals, you can rely on our truthful judgment, because we offer professional, fair, ethical appraisal review services for our clients. Contact Parkway Appraisals for more information regarding our qualifications, expertise and services offered.