Richard Frey Appraisal ReviewsAs stated 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 prudent for appraisers doing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Richard Frey provides appraisal review services that are objective, efficient, professional and in accordance with the Federal Reserve's regulations.
The purpose of appraisal reviews are to determine: whether the original appraisal or evaluation is relevant for the transaction, the risk inherit in the transaction, and whether the practices by which the collateral valuation is attained ensures independence and quality. Moreover, they must show whether the appraisal or evaluation report is consistent with the engagement letter, which sets forth the scope 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 conforming our work to the regulations and guidelines of our review clients, there are four Fannie Mae forms that are typically 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. At Richard Frey, we are experienced in every type of appraisal review, review process and the obligations of review appraisers.
We are aware of what the most common report weaknesses are, particularly in our housing market, as well as what constitutes a quality appraisal. We're also amply trained to distinguish that the competitors in our market are skillful in doing a fine job. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can count on us to lawfully study appraisal reports carried out by others. And those others might be examining our work, too!
When you choose Richard Frey, you can trust our truthful judgment, because we offer professional, fair, ethical appraisal review services for our clients. Contact Richard Frey to learn more about our qualifications, expertise and services offered.