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Davis Appraisal Services, Inc. Appraisal ReviewsAccording 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 responsibility of appraisers doing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Davis Appraisal Services, Inc. provides appraisal review services that are independent, efficient, professional and square with the Federal Reserve's rules.A review appraisal should reveal: whether the original appraisal or evaluation is suitable for the transaction, the risk inherit in the transaction, and whether the procedure by which the property valuation is rendered ensures independence and quality. The review must also denote whether the appraisal or evaluation report is consistent with the engagement letter, which gives an account of the reach of the appraisal assignment. Lastly, the Fed says 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 coordinating our work to the regulations and guidelines of our review customers, there are four Fannie Mae forms that are widely used for review services, and we'll produce 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 Davis Appraisal Services, Inc., we are trained in all types of appraisal reviews, review processes and the responsibilities of review appraisers.
You can rely on Davis Appraisal Services, Inc. for our independent judgment, because we offer professional, objective, ethical appraisal review services for our clients. Contact us for more information regarding our qualifications, expertise and service offerings. |
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Davis Appraisal Services, Inc. is aware of what the biggest reporting imperfections are, specifically in our home market. We also understand what amounts to a quality appraisal.
We're also trained enough to identify that the competitors in our market are capable of good work.
The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can rely on us to objectively valuate appraisal reports executed by others. And those others may be evaluating our work, too!