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Appraisal Reviews by Deer Creek Appraisals
As stated 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 performing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines."
Deer Creek Appraisals provides appraisal review services that are independent, expert, professional and in accordance with the Federal Reserve's guidelines.
A review appraisal should reveal: whether the original appraisal or evaluation is well-suited for the transaction, the exposure inherit in the transaction, and whether the means by which the real estate valuation is acquired guarantees independence and quality.
Moreover, they must indicate whether the appraisal or evaluation report is compatible with the engagement letter, which gives an account of the extent 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 practices and guidelines of our review customers, there are four Fannie Mae forms that are normally 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 Deer Creek Appraisals, we're trained in every kind of appraisal review, review procedure and the obligations of review appraisers.
Deer Creek Appraisals realizes what the most common report defects are, specifically in our housing market, as well as what amounts to a quality appraisal.
We're also amply skilled to acknowledge that our competitors in our market are qualified to do good work.
The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can rely on Deer Creek Appraisals to justly valuate appraisal reports carried out by others. And those others could be reviewing our work, too!
At Deer Creek Appraisals, you can trust our independent judgment, because we offer professional, objective, ethical appraisal review services for our clients.
Contact Deer Creek Appraisals to learn more about our qualifications, expertise and service offerings.
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