Appraisal Reviews by Appraise Ohio, LLCAs 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 fulfilling reviews should "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Appraise Ohio, LLC provides appraisal review services that are independent, efficient, professional and in accordance with the Federal Reserve's rules.
The purpose of appraisal reviews are to detect: whether the original appraisal or evaluation is appropriate for the transaction, the exposure inherit in the transaction, and whether the manners by which the collateral valuation is rendered guarantees independence and quality. In addition, they should demonstrate whether the appraisal or evaluation report is true to the letter of engagement, which gives an account of the range 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 conforming our work to the procedures and guidelines of our review customers, there are four Fannie Mae forms that are typically 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 Appraise Ohio, LLC, we're qualified in every type of appraisal review, review process and the obligations of review appraisers.
Appraise Ohio, LLC realizes what the most common reporting weaknesses are, particularly in our real estate market. We also understand what represents a quality appraisal. Concurrently, we are proficient enough to distinguish that our competition in our market are qualified to do a great job. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can count on Appraise Ohio, LLC to lawfully review appraisal reports completed by others. And those others may be studying our work, too!
At Appraise Ohio, LLC, you can be sure of our independent judgment, because we offer professional, fair, ethical appraisal review services for our customers. Contact Appraise Ohio, LLC regarding our qualifications, expertise and service offerings.