Martin & Associates Appraisal ReviewsAccording 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 call of appraisers performing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Martin & Associates provides appraisal review services that are objective, expert, professional and compliant with the Federal Reserve's regulations.
The purpose of appraisal reviews are to pursue: whether the original appraisal or evaluation is suitable for the transaction, the risk inherit in the transaction, and whether the processes by which the property valuation is accomplished guarantees independence and quality. In addition, they should announce whether the appraisal or evaluation report is true to the letter of engagement, which sets forth the scope of the appraisal assignment. Lastly, the Federal Reserve also notes 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 coordinating 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 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 Martin & Associates, we're experienced in every kind of appraisal review, review procedure and the requirements of review appraisers.
We realize what amounts to a quality appraisal and what the most frequent defects are, particularly for reports in our local real estate market. We're also trained enough to respect that our competition in our market are able to do quality work. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can count on us to ethically look over appraisal reports performed by others. And those others may be reviewing our work, too!
In short, at Martin & Associates, you can count on our honest judgment, because we offer professional, fair, ethical appraisal review services for our clients. Contact us for more information about our qualifications, expertise and services offered.