As stated in an announcement by the Federal Reserve, "financial institutions are obligated to have an effective, objective real estate appraisal and evaluation program," and that appraisers fulfilling reviews must "have the familiarity and expertise to evaluate compliance with the Federal Reserves appraisal regulations and guidelines." RWA Appraisals provides appraisal review services that are unbiased, expert, professional and in line with the Federal Reserve's regulations.
If you have questions in reference to an appraisal, or if you're in the need of a real estate appraisal review, contact us today.
As stated by the Federal Reserve, appraisal reviews "have to figure out whether the appraisal or evaluation is applicable for the transaction, the risk of the transaction, and whether the processes by which the collateral valuation is collected ensures independence and quality." Moreover, they "must show whether the appraisal or evaluation report is consistent with the engagement letter, which sets forth the capacity of the appraisal assignment." The Federal Reserve also states that "some institutions reinforce periodic reviews with post-funding evaluations of appraisal quality for any of their high-risk or greater-value transactions as a means to assist in detecting valuation concerns."
In addition to adapting our work to the practices and guidelines of our review customers, there are four Fannie Mae forms that are generally used for review services, and we can prepare an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At RWA Appraisals, we're skilled in all kinds of appraisal reviews, review processes and the requirements of review appraisers.
We know what the biggest imperfections are, specifically in our home market, as well as what amounts to a quality appraisal. We're also adequately experienced to acknowledge 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 us to objectively valuate appraisal reports completed by others. And those others could be reviewing our work, too!
You can depend on RWA Appraisals for our truthful judgment, because we offer professional, impartial, ethical appraisal review services for our customers. Contact us for more information about our qualifications, expertise and services offered.