Appraisal Reviews by Colliver Appraisal ServiceAs 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 appraisers doing reviews should "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Colliver Appraisal Service provides appraisal review services that are impartial, efficient, professional and square with the Federal Reserve's rules.
A review appraisal has to reveal: whether the original appraisal or evaluation is well-suited for the transaction, the liability inherit in the transaction, and whether the processes by which the property valuation is acquired guarantees independence and quality. The review must also announce whether the appraisal or evaluation report is compatible with the engagement letter, which describes the range of the appraisal assignment. Lastly, the Federal Reserve also goes on to say 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 forms and guidelines of our review customers, there are four Fannie Mae forms that are normally used for review services, and we can formulate an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At Colliver Appraisal Service, we're trained in every type of appraisal review, review procedure and the requirements of review appraisers.
Colliver Appraisal Service understands what the most prevalent report inadequacies are, particularly in our housing market, as well as what represents a quality appraisal. We're also sufficiently skilled to admit that our competition in our market are capable of a good job. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can count on Colliver Appraisal Service to objectively evaluate appraisal reports completed by others. And those others might be reviewing our work, too!
At Colliver Appraisal Service, you can count on our independent judgment, because we offer professional, objective, ethical appraisal review services for our customers. Contact Colliver Appraisal Service for more information about our qualifications, expertise and services offered.