According to an announcement by the Federal Reserve, "financial institutions are required to have effective, independent real estate appraisal and evaluation procedures," and that appraisers performing reviews are obligated to "have the ability and skillfulness to evaluate compliance with the Federal Reserves appraisal regulations and guidelines." If you need appraisal review services that are objective, expert, professional and compliant with the Federal Reserve's rules, contact Mindi Kitten Appraisals.
If you have questions regarding an appraisal, or if you're in the need of a real estate appraisal review, call us today.
Appraisal reviews "should verify whether the appraisal or evaluation is applicable for the transaction, the risk of the transaction, and whether the manners by which the collateral valuation is accomplished ensures independence and quality," as stated by the Federal Reserve. In addition, they "should signify whether the appraisal or evaluation report is true to the engagement letter, which sets forth the range of the appraisal assignment." Lastly, the Federal Reserve notes that "some institutions reinforce periodic reviews with post-funding assessments of appraisal quality for some of their higher-risk or greater-value contracts as a means to help in exposing valuation issues."
In addition to adapting our work to the processes and guidelines of our review customers, there are four Fannie Mae forms that are normally used for review services, and we can formulate an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At Mindi Kitten Appraisals, we are skilled in all kinds of appraisal reviews, review processes and the requirements of review appraisers.
We are aware of what the most prevalent imperfections are, particularly in our home market, as well as what amounts to a quality appraisal. At the same time, we are proficient enough to respect that the competitors in our market are capable of doing good work. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can trust us to fairly look over appraisal reports completed by others. And those others might be reviewing our work, too!
Here at Mindi Kitten Appraisals, you can have confidence in our honest judgment, because we offer professional, unbiased, ethical appraisal review services for our clients. Contact Mindi Kitten Appraisals for more information about our qualifications, expertise and service offerings.
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