|
Quality Appraisal Reviews with Attig Farm ManagementAs 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 undertaking reviews should "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." At Attig Farm Management, we provide appraisal review services that are independent, efficient, professional and in line with the Federal Reserve's regulations.The purpose of appraisal reviews are to pursue: whether the original appraisal or evaluation is suitable for the transaction, the risk inherit in the transaction, and whether the methods by which the collateral valuation is accomplished ensures independence and quality. They should also announce whether the appraisal or evaluation report is consistent with the engagement letter, which sets forth the depth of the appraisal assignment. The Federal Reserve 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 conforming our work to the procedures and guidelines of our review clients, there are four Fannie Mae forms that are generally used for review services, and we'll 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. Here at Attig Farm Management, we are qualified in every form of appraisal review, review practice and the responsibilities of review appraisers.
For professional, objective, ethical appraisal review services and honest judgments, you can rely on Attig Farm Management. Contact Attig Farm Management for more information about our qualifications, expertise and services offered. |
|||||||||
We're aware of what the typical report weaknesses are, particularly in our housing market, as well as what constitutes a quality appraisal.
The professionals at Attig Farm Management are also trained enough to realize that our competitors in our market are capable of a fine job.
The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can count on us to ethically valuate appraisal reports done by others. And those others might be evaluating our work, too!