Complete Appraisal Reviews by MJK Appraisal (330) 745-5659According to 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." MJK Appraisal (330) 745-5659 provides appraisal review services that are unbiased, expert, professional and in accordance with the Federal Reserve's rules.
The purpose of appraisal reviews are to reveal: whether the original appraisal or evaluation is suitable for the transaction, the exposure inherit in the transaction, and whether the processes by which the property valuation is obtained ensures independence and quality. In addition, they should signify whether the appraisal or evaluation report is true to the engagement letter, which describes the extent of the appraisal assignment. The Fed also goes on to say 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 practices and guidelines of our review customers, there are four Fannie Mae forms that are largely 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. Here at MJK Appraisal (330) 745-5659, we're qualified in every type of appraisal review, review process and the responsibilities of review appraisers.
MJK Appraisal (330) 745-5659 is aware of what amounts to a quality appraisal and what the most frequent errors are, specifically when it comes to our local real estate market. The professionals at MJK Appraisal (330) 745-5659 are also adequately skilled to acknowledge that our competitors in our market are skillful in doing a great job. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can trust MJK Appraisal (330) 745-5659 to fairly examine appraisal reports done by others. And those others might be evaluating our work, too!
You can count on MJK Appraisal (330) 745-5659 for our honest judgment, because we offer professional, impartial, ethical appraisal review services for our customers. Contact us regarding our qualifications, expertise and service offerings.