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Appraisal Reviews with Owens Appraisal Service LLCAs said in 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 performing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Owens Appraisal Service LLC provides appraisal review services that are impartial, efficient, professional and square with the Federal Reserve's regulations.A review appraisal should detect: 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 accomplished ensures independence and quality. In addition, they must signify whether the appraisal or evaluation report is compatible with the engagement letter, which sets forth the outlook of the appraisal assignment. Lastly, the Federal Reserve also states 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 adjusting our work to the regulations and guidelines of our review customers, there are four Fannie Mae forms that are usually used for review services, and we'll 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 Owens Appraisal Service LLC, we are trained in every form of appraisal review, review procedure and the obligations of review appraisers.
Here at Owens Appraisal Service LLC, you can have confidence in our independent judgment, because we offer professional, fair, ethical appraisal review services for our clients. Contact us regarding our qualifications, expertise and service offerings. |
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Owens Appraisal Service LLC understands what the most common reporting weaknesses are, specifically in our housing market. We also understand what amounts to a quality appraisal.
At the same time, we are proficient enough to identify that our competition in our market are able to do good work.
The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can count on us to ethically examine appraisal reports executed by others. And those others might be examining our work, too!