The purpose of appraisal reviews are to determine: whether the original appraisal or evaluation is well-suited for the transaction, the risk inherit in the transaction, and whether the methods by which the real estate valuation is acquired guarantees independence and quality. In addition, they must demonstrate whether the appraisal or evaluation report is in line with the engagement letter, which gives an account of the extent of the appraisal assignment. Lastly, the Fed says 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 regulations and guidelines of our review customers, there are four Fannie Mae forms that are usually 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 Atled Enterprises, we are qualified in every type of appraisal review, review practice and the obligations of review appraisers.
Atled Enterprises realizes what amounts to a quality appraisal and what the most frequent inadequacies are, specifically in our local housing market. In the same sense, we are sufficiently skilled to respect that our competition in our market are able to do good work. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can trust Atled Enterprises to justly evaluate appraisal reports done by others. And those others might be reviewing our work, too!