Skilled Appraisal Reviews with ddaAccording to an announcement by the Federal Reserve (click here), "financial institutions must have an effective, independent real estate appraisal and evaluation program" and that it's the duty of appraisers producing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Here at dda, we provide appraisal review services that are objective, efficient, professional and compliant with the Federal Reserve's guidelines.
A review appraisal should ascertain: whether the original appraisal or evaluation is suitable for the transaction, the liability inherit in the transaction, and whether the means by which the real estate valuation is acquired guarantees independence and quality. Moreover, they should indicate whether the appraisal or evaluation report is consistent with the engagement letter, which sets forth the extent of the appraisal assignment. The Federal Reserve also 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 regulations and guidelines of our review customers, there are four Fannie Mae forms that are widely used for review services, and we'll formulate an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. Here at dda, we're experienced in every form of appraisal review, review process and the requirements of review appraisers.
We are aware of what the most likely report imperfections are, especially in our home market, as well as what constitutes a quality appraisal. We're also trained enough to know that the competition in our market are capable of quality work. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can rely on us to ethically assess appraisal reports carried out by others. And those others may be evaluating our work, too!
In short, at dda, you can be sure of our honest judgment, because we offer professional, impartial, ethical appraisal review services for our clients. Contact dda regarding our qualifications, expertise and services offered.