Appraisal Reviews with Faubion AppraisalsAs 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 doing reviews must "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Faubion Appraisals provides appraisal review services that are independent, qualified, professional and in line with the Federal Reserve's guidelines.
A review appraisal should pursue: whether the original appraisal or evaluation is applicable for the transaction, the exposure inherit in the transaction, and whether the actions by which the real estate valuation is attained ensures independence and quality. The review should also denote whether the appraisal or evaluation report matches the letter of engagement, which gives an account of the scope of the appraisal assignment. The Fed 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 tailoring our work to the regulations and guidelines of our review clients, there are four Fannie Mae forms that are mostly used for review services, and we will formulate an appraisal review on any one of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. Here at Faubion Appraisals, we are skilled in every type of appraisal review, review procedure and the obligations of review appraisers.
We realize what the biggest reporting deficiencies are, particularly in our home market. We also know what makes a quality appraisal. We're also amply trained to respect that the competitors in our market are qualified to do a great job. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can trust Faubion Appraisals to lawfully evaluate appraisal reports completed by others. And those others may be examining our work, too!
You can count on Faubion Appraisals for our neutral judgment, because we offer professional, objective, ethical appraisal review services for our customers. Contact us for more information about our qualifications, expertise and services offered.