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Wicomico Appraisals, LLC Appraisal ReviewsAs said in an announcement by the Federal Reserve (click here), "financial institutions must have an effective, independent real estate appraisal and evaluation program" and that appraisers performing reviews are obligated to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." At Wicomico Appraisals, LLC, we provide appraisal review services that are independent, qualified, professional and compliant with the Federal Reserve's regulations.The purpose of appraisal reviews are to ascertain: whether the original appraisal or evaluation is relevant for the transaction, the liability inherit in the transaction, and whether the means by which the real estate valuation is accomplished ensures independence and quality. In addition, they should announce whether the appraisal or evaluation report is in line with the letter of engagement, which sets forth the capacity of the appraisal assignment. The Fed also 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 adapting our work to the procedures and guidelines of our review clients, there are four Fannie Mae forms that are normally used for review services, and we will formulate an appraisal review on any one of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At Wicomico Appraisals, LLC, we are skilled in every kind of appraisal review, review process and the obligations of review appraisers.
In short, at Wicomico Appraisals, LLC, you can have confidence in our neutral judgment, because we offer professional, unbiased, ethical appraisal review services for our customers. Contact us for more information regarding our qualifications, expertise and service offerings. |
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We are familiar with what the most frequent report imperfections are, particularly in our real estate market, as well as what makes a quality appraisal.
The professionals at Wicomico Appraisals, LLC are also sufficiently skilled to identify that our competitors in our market are qualified to do a fine job.
The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can trust us to justly valuate appraisal reports carried out by others. And those others may be examining our work, too!