KLF Residential Appraisals Appraisal ReviewsAs 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 duty of appraisers completing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Here at KLF Residential Appraisals, we provide appraisal review services that are objective, expert, professional and in line with the Federal Reserve's regulations.
A review appraisal should reveal: whether the original appraisal or evaluation is applicable for the transaction, the liability inherit in the transaction, and whether the actions by which the property valuation is acquired ensures independence and quality. Moreover, they should announce whether the appraisal or evaluation report matches the letter of engagement, which sets forth the capacity of the appraisal assignment. Lastly, the Federal Reserve 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 tailoring our work to the procedures and guidelines of our review clients, there are four Fannie Mae forms that are usually used for review services, and we will formulate an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. Here at KLF Residential Appraisals, we are experienced in all forms of appraisal reviews, review practices and the responsibilities of review appraisers.
We realize what the most prevalent reporting imperfections are, especially in our real estate market. We also understand what amounts to a quality appraisal. In the same regard, we are experienced enough to identify that our competition in our market are capable of doing good work. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can rely on KLF Residential Appraisals to justly review appraisal reports completed by others. And those others could be studying our work, too!
For professional, impartial, ethical appraisal review services and independent judgments, you can rely on KLF Residential Appraisals. Contact KLF Residential Appraisals for more information regarding our qualifications, expertise and service offerings.