Appraisal Reviews with JLF AppraisalsAs 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 it's the responsibility of appraisers completing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." JLF Appraisals provides appraisal review services that are independent, expert, professional and compliant with the Federal Reserve's guidelines.
A review appraisal should verify: whether the original appraisal or evaluation is appropriate for the transaction, the risk inherit in the transaction, and whether the means by which the real estate valuation is obtained guarantees independence and quality. In addition, they should indicate whether the appraisal or evaluation report is compatible with the engagement letter, which describes the scope of the appraisal assignment. Lastly, the Fed 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 adapting our work to the forms and guidelines of our review customers, there are four Fannie Mae forms that are typically used for review services, and we can produce 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 JLF Appraisals, we're experienced in all types of appraisal reviews, review processes and the requirements of review appraisers.
JLF Appraisals realizes what the most likely report inadequacies are, specifically in our real estate market, as well as what amounts to a quality appraisal. In the same sense, we're sufficiently experienced to acknowledge that the 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 JLF Appraisals to justly look over appraisal reports performed by others. And those others could be evaluating our work, too!
In short, when you choose JLF Appraisals, you can trust our neutral judgment, because we offer professional, fair, ethical appraisal review services for our clients. Contact us regarding our qualifications, expertise and service offerings.