Appraisal Reviews with Timberline Appraising Inc.
According to a statement by the Federal Reserve (click here), "financial institutions must have an effective, independent real estate appraisal and evaluation program" and that appraisers undertaking reviews ought to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Timberline Appraising Inc. provides appraisal review services that are objective, efficient, professional and compliant with the Federal Reserve's rules.
A review appraisal should ascertain: whether the original appraisal or evaluation is relevant for the transaction, the risk inherit in the transaction, and whether the procedures by which the collateral valuation is rendered ensures independence and quality. The review must also indicate whether the appraisal or evaluation report is consistent with the engagement letter, which describes the extent of the appraisal assignment. Lastly, the Federal Reserve 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 clients, there are four Fannie Mae forms that are usually used for review services, and we'll 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 Timberline Appraising Inc., we are trained in every kind of appraisal review, review procedure and the responsibilities of review appraisers.
Timberline Appraising Inc. is aware of what the most common report weaknesses are, particularly in our home market, as well as what amounts to a quality appraisal. The professionals at Timberline Appraising Inc. are also trained enough to respect that the competition in our market are able to do a good job. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can count on us to justly assess appraisal reports performed by others. And those others might be examining our work, too! I
In short, here at Timberline Appraising Inc., you can trust our independent judgment, because we offer professional, unbiased, ethical appraisal review services for our customers. Contact us for more information about our qualifications, expertise and service offerings.