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Complete Appraisal Reviews with CONAWAY & ASSOCIATES, INCAccording 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 call of appraisers completing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Here at CONAWAY & ASSOCIATES, INC, we provide appraisal review services that are objective, efficient, professional and compliant with the Federal Reserve's guidelines.
The purpose of appraisal reviews are to detect: whether the original appraisal or evaluation is fitting for the transaction, the liability inherit in the transaction, and whether the procedures by which the property valuation is rendered ensures independence and quality. They should also announce whether the appraisal or evaluation report is true to the engagement letter, which sets forth the range of the appraisal assignment. Lastly, 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".
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If you have questions regarding an appraisal, or if you need a real estate appraisal review, call us today. |
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In addition to coordinating our work to the practices and guidelines of our review customers, there are four Fannie Mae forms that are generally used for review services, and we can formulate 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 CONAWAY & ASSOCIATES, INC, we're qualified in every form of appraisal review, review process and the requirements of review appraisers.
 We are aware of what the most prevalent reporting inadequacies are, particularly in our home market. We also understand what constitutes a quality appraisal. The professionals at CONAWAY & ASSOCIATES, INC are also skilled enough to acknowledge that our competitors in our market are qualified to do 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 ethically valuate appraisal reports performed by others. And those others may be reviewing our work, too!
In short, at CONAWAY & ASSOCIATES, INC, you can have confidence in our independent judgment, because we offer professional, unbiased, ethical appraisal review services for our clients. Contact us to learn more about our qualifications, expertise and services offered.
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