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Appraisal Reviews with Peter ShriverAccording 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 completing reviews have to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Here at Peter Shriver, we provide appraisal review services that are independent, expert, professional and compliant with the Federal Reserve's guidelines.A review appraisal has to determine: whether the original appraisal or evaluation is fitting for the transaction, the liability inherit in the transaction, and whether the methods by which the property valuation is accomplished ensures independence and quality. The review must also show whether the appraisal or evaluation report is in line with the engagement letter, which sets forth the reach 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 tailoring our work to the regulations and guidelines of our review clients, there are four Fannie Mae forms that are primarily used for review services, and we can 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 Peter Shriver, we are qualified in every form of appraisal review, review process and the responsibilities of review appraisers.
Here at Peter Shriver, you can have confidence in our independent judgment, because we offer professional, objective, ethical appraisal review services for our clients. Contact Peter Shriver for more information regarding our qualifications, expertise and service offerings. |
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Peter Shriver is aware of what constitutes a quality appraisal and what the greatest deficiencies are, particularly when it comes to our home market.
At the same time, the professionals at Peter Shriver are amply trained to identify that the competition in our market are qualified to do a good job.
The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can trust us to objectively assess appraisal reports done by others. And those others might be examining our work, too!