Appraisal Reviews with Karen M StrongAs said in 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 responsibility of appraisers producing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Karen M Strong provides appraisal review services that are impartial, expert, professional and in accordance with the Federal Reserve's regulations.
A review appraisal should determine: whether the original appraisal or evaluation is relevant for the transaction, the exposure inherit in the transaction, and whether the process by which the collateral valuation is accomplished ensures independence and quality. The review should also indicate whether the appraisal or evaluation report is true to the engagement letter, which gives an account of the depth of the appraisal assignment. Lastly, the Fed also 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 conforming our work to the processes and guidelines of our review clients, there are four Fannie Mae forms that are generally used for review services, and we can produce an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At Karen M Strong, we are skilled in every type of appraisal review, review process and the requirements of review appraisers.
We are aware of what the most prevalent report inadequacies are, specifically in our housing market, as well as what makes a quality appraisal. In the same regard, we're professional enough to admit that the competition in our market are skillful in doing good work. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can count on us to ethically examine appraisal reports completed by others. And those others might be studying our work, too!
In short, here at Karen M Strong, you can count on our independent judgment, because we offer professional, unbiased, ethical appraisal review services for our clients. Contact us to learn more about our qualifications, expertise and services offered.