Savvy Appraisal Reviews with Evaluating Property in the MidSouth (EPM)According to a statement by the Federal Reserve (click here), "financial institutions must have an effective, independent real estate appraisal and evaluation program" and that appraisers preparing reviews must "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Evaluating Property in the MidSouth (EPM) provides appraisal review services that are impartial, qualified, professional and compliant with the Federal Reserve's regulations.
The purpose of appraisal reviews are to reveal: whether the original appraisal or evaluation is relevant for the transaction, the liability inherit in the transaction, and whether the methods by which the collateral valuation is obtained guarantees independence and quality. The review must also signify whether the appraisal or evaluation report is true to the engagement letter, which gives an account of the reach of the appraisal assignment. The Federal Reserve 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 tailoring our work to the processes and guidelines of our review customers, there are four Fannie Mae forms that are largely used for review services, and we will prepare 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 Evaluating Property in the MidSouth (EPM), we're trained in every type of appraisal review, review process and the requirements of review appraisers.
Evaluating Property in the MidSouth (EPM) understands what the most prevalent report inadequacies are, particularly in our home market, as well as what constitutes a quality appraisal. The professionals at Evaluating Property in the MidSouth (EPM) are also amply skilled to recognize that our competitors in our market are able to do a fine job. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can rely on Evaluating Property in the MidSouth (EPM) to justly assess appraisal reports performed by others. And those others may be evaluating our work, too!
At Evaluating Property in the MidSouth (EPM), you can be sure of our independent judgment, because we offer professional, objective, ethical appraisal review services for our clients. Contact Evaluating Property in the MidSouth (EPM) for more information about our qualifications, expertise and service offerings.