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Experienced Appraisal Reviews with Wood AppraisalAccording 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 prudent for appraisers doing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Wood Appraisal provides appraisal review services that are independent, qualified, professional and in accordance with the Federal Reserve's regulations.A review appraisal should find out: whether the original appraisal or evaluation is fitting for the transaction, the liability inherit in the transaction, and whether the practices by which the property valuation is accomplished guarantees independence and quality. The review must also announce whether the appraisal or evaluation report is true to the letter of engagement, which gives an account of the range 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 adapting our work to the forms and guidelines of our review customers, there are four Fannie Mae forms that are primarily used for review services, and we can formulate 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 Wood Appraisal, we are skilled in all kinds of appraisal reviews, review processes and the requirements of review appraisers.
Here at Wood Appraisal, you can have confidence in our independent judgment, because we offer professional, objective, ethical appraisal review services for our clients. Contact Wood Appraisal for more information about our qualifications, expertise and service offerings. |
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We are aware of what the most prevalent reporting inadequacies are, specifically in our real estate market. We also understand what constitutes a quality appraisal.
The professionals at Wood Appraisal are also trained enough to recognize that our competitors in our market are capable of a fine job.
The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can trust Wood Appraisal to fairly evaluate appraisal reports executed by others. And those others could be studying our work, too!