Savvy Appraisal Reviews by Mid Florida Appraisers, Inc.According 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 engaged in reviews should "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Mid Florida Appraisers, Inc. provides appraisal review services that are independent, expert, professional and in line 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 risk inherit in the transaction, and whether the means by which the real estate valuation is attained ensures independence and quality. In addition, they must demonstrate whether the appraisal or evaluation report is true to the engagement letter, which gives an account of the outlook of the appraisal assignment. The Fed also states 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 adapting our work to the forms and guidelines of our review customers, there are four Fannie Mae forms that are primarily used for review services, and we will 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 Mid Florida Appraisers, Inc., we are experienced in all types of appraisal reviews, review procedures and the responsibilities of review appraisers.
Mid Florida Appraisers, Inc. realizes what amounts to a quality appraisal and what the greatest defects are, specifically in our home market. In this regard, we're adequately experienced to identify that the competitors in our market are capable of doing quality work. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can rely on us to objectively study appraisal reports carried out by others. And those others could be reviewing our work, too!
In short, at Mid Florida Appraisers, Inc., you can count on our truthful judgment, because we offer professional, fair, ethical appraisal review services for our clients. Contact us to learn more about our qualifications, expertise and services offered.