Appraisal ReviewsAccording to a statement by the Federal Reserve (click here), "financial institutions must have an effective, independent real estate appraisal and evaluation program" and that it's the expectation of appraisers completing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Here at Cotter Valuation Group, we provide appraisal review services that are impartial, expert, professional and compliant with the Federal Reserve's regulations.
A review appraisal has to determine: whether the original appraisal or evaluation is appropriate for the transaction, the exposure inherit in the transaction, and whether the actions by which the property valuation is rendered guarantees independence and quality. Moreover, they must denote whether the appraisal or evaluation report is in line with the engagement letter, which sets forth the range of the appraisal assignment. The Federal Reserve 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 coordinating our work to the procedures and guidelines of our review customers, there are four Fannie Mae forms that are normally 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 Cotter Valuation Group, we're trained in all kinds of appraisal reviews, review processes and the obligations of review appraisers.
We know what makes a quality appraisal and what the most common inadequacies are, specifically when it comes to our home market. We're also amply trained to realize that our competitors in our market are qualified to do good work. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can trust us to objectively examine appraisal reports performed by others. And those others could be studying our work, too!
In short, when you choose Cotter Valuation Group, you can be sure of our truthful judgment, because we offer professional, objective, ethical appraisal review services for our customers. Contact Cotter Valuation Group regarding our qualifications, expertise and services offered.