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Quality Appraisal Reviews with Tony Myers AppraisalsAs 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 appraisers completing reviews are compelled to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Tony Myers Appraisals provides appraisal review services that are unbiased, efficient, professional and square with the Federal Reserve's regulations.A review appraisal has to verify: whether the original appraisal or evaluation is well-suited for the transaction, the risk inherit in the transaction, and whether the actions by which the collateral valuation is rendered guarantees independence and quality. In addition, they should indicate whether the appraisal or evaluation report is consistent with the letter of engagement, which gives an account of the outlook of the appraisal assignment. Lastly, the Fed 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 adjusting our work to the forms and guidelines of our review clients, there are four Fannie Mae forms that are usually used for review services, and we will 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 Tony Myers Appraisals, we're experienced in every type of appraisal review, review procedure and the obligations of review appraisers.
In short, here at Tony Myers Appraisals, you can rely on our independent judgment, because we offer professional, fair, ethical appraisal review services for our customers. Contact us regarding our qualifications, expertise and service offerings. |
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Tony Myers Appraisals is aware of what the biggest reporting deficiencies are, particularly in our real estate market. We also know what represents a quality appraisal.
We're also trained enough to admit that our competition in our market are capable of doing a great job.
The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can count on Tony Myers Appraisals to lawfully evaluate appraisal reports performed by others. And those others may be studying our work, too!