Complete Appraisal Reviews with Great Northern Appraisal, IncAs 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 it's the expectation of appraisers performing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." At Great Northern Appraisal, Inc, we provide appraisal review services that are impartial, expert, professional and compliant with the Federal Reserve's rules.
A review appraisal should determine: whether the original appraisal or evaluation is pertinent for the transaction, the risk inherit in the transaction, and whether the manner by which the collateral valuation is attained ensures independence and quality. They should also announce whether the appraisal or evaluation report matches the letter of engagement, which describes the extent of the appraisal assignment. Lastly, the Fed also 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 conforming our work to the regulations and guidelines of our review clients, there are four Fannie Mae forms that are normally 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. At Great Northern Appraisal, Inc, we are skilled in all types of appraisal reviews, review processes and the requirements of review appraisers.
Great Northern Appraisal, Inc knows what the most likely report deficiencies are, specifically in our housing market, as well as what amounts to a quality appraisal. At the same time, we are sufficiently trained to identify that the competition in our market are capable of a good job. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can rely on Great Northern Appraisal, Inc to objectively valuate appraisal reports performed by others. And those others might be reviewing our work, too!
At Great Northern Appraisal, Inc, you can rely on our honest judgment, because we offer professional, fair, ethical appraisal review services for our customers. Contact us for more information about our qualifications, expertise and services offered.