Appraisal Reviews by VolkHaus AppraisalsAccording to a statement by the Federal Reserve (click here), "financial institutions must have an effective, independent real estate appraisal and evaluation program" and that appraisers undertaking reviews must "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." VolkHaus Appraisals provides appraisal review services that are objective, efficient, professional and compliant with the Federal Reserve's guidelines.
A review appraisal should verify: whether the original appraisal or evaluation is applicable for the transaction, the exposure inherit in the transaction, and whether the procedures by which the real estate valuation is acquired guarantees independence and quality. In addition, they must demonstrate whether the appraisal or evaluation report is consistent with the letter of engagement, which describes the range of the appraisal assignment. Lastly, the Federal Reserve 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 practices and guidelines of our review customers, there are four Fannie Mae forms that are usually used for review services, and we can prepare an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At VolkHaus Appraisals, we are skilled in every form of appraisal review, review procedure and the obligations of review appraisers.
We're aware of what the greatest reporting defects are, specifically in our home market. We also understand what makes a quality appraisal. In the same regard, we are amply skilled to recognize that our competition in our market are capable of doing a good job. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can rely on us to justly evaluate appraisal reports done by others. And those others could be examining our work, too!
In short, here at VolkHaus Appraisals, you can count on our honest judgment, because we offer professional, fair, ethical appraisal review services for our customers. Contact VolkHaus Appraisals for more information about our qualifications, expertise and services offered.