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Expert Appraisal Reviews with Seaway AppraisalsAccording to an announcement by the Federal Reserve (click here), "financial institutions must have an effective, independent real estate appraisal and evaluation program" and that appraisers producing reviews should "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Seaway Appraisals provides appraisal review services that are independent, expert, professional and square with the Federal Reserve's guidelines.The purpose of appraisal reviews are to pursue: whether the original appraisal or evaluation is applicable for the transaction, the risk inherit in the transaction, and whether the manner by which the real estate valuation is acquired ensures independence and quality. The review should also signify whether the appraisal or evaluation report is true to the engagement letter, which gives an account of the range of the appraisal assignment. The Federal Reserve 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 conforming our work to the processes and guidelines of our review customers, there are four Fannie Mae forms that are mostly used for review services, and we can develop an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At Seaway Appraisals, we're qualified in every kind of appraisal review, review procedure and the responsibilities of review appraisers.
For professional, unbiased, ethical appraisal review services and neutral judgments, you can rely on Seaway Appraisals. Contact Seaway Appraisals to learn more about our qualifications, expertise and service offerings. |
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We are aware of what makes a quality appraisal and what the most prevalent defects are, especially in our home market.
In this regard, we are amply trained to distinguish that the competition in our market are able to do quality work.
The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can count on us to lawfully assess appraisal reports carried out by others. And those others might be examining our work, too!