Appraisal ReviewsAs stated in 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 must "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." At TWGlass Appraisal, we provide appraisal review services that are impartial, efficient, professional and compliant with the Federal Reserve's guidelines.
The purpose of appraisal reviews are to reveal: whether the original appraisal or evaluation is suitable for the transaction, the risk inherit in the transaction, and whether the manner by which the property valuation is attained guarantees independence and quality. The review should also announce whether the appraisal or evaluation report matches the engagement letter, which sets forth the scope of the appraisal assignment. Lastly, the Federal Reserve 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 adapting our work to the forms and guidelines of our review clients, there are four Fannie Mae forms that are generally used for review services, and we can produce an appraisal review on any one of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At TWGlass Appraisal, we're qualified in all kinds of appraisal reviews, review practices and the requirements of review appraisers.
TWGlass Appraisal understands what the most prevalent reporting inadequacies are, especially in our real estate market. We also know what amounts to a quality appraisal. In this regard, we are experienced enough to acknowledge that the competitors in our market are qualified to do good work. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can count on us to fairly evaluate appraisal reports carried out by others. And those others could be evaluating our work, too!
You can rely on TWGlass Appraisal for our honest judgment, because we offer professional, fair, ethical appraisal review services for our clients. Contact TWGlass Appraisal to learn more about our qualifications, expertise and services offered.