|
Appraisal Reviews with Taylor SturgisAs said in a statement 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 preparing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Taylor Sturgis provides appraisal review services that are independent, qualified, professional and square with the Federal Reserve's rules.A review appraisal should ascertain: whether the original appraisal or evaluation is suitable for the transaction, the exposure inherit in the transaction, and whether the manner by which the collateral valuation is accomplished ensures independence and quality. The review should also signify whether the appraisal or evaluation report is true to the engagement letter, which describes the depth of the appraisal assignment. Lastly, the Fed also 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 practices and guidelines of our review clients, there are four Fannie Mae forms that are usually used for review services, and we'll prepare an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. Here at Taylor Sturgis, we are experienced in every form of appraisal review, review procedure and the obligations of review appraisers.
In short, when you choose Taylor Sturgis, you can be sure of our honest judgment, because we offer professional, fair, ethical appraisal review services for our customers. Contact us to learn more about our qualifications, expertise and services offered. |
|||||||||
Taylor Sturgis understands what constitutes a quality appraisal and what the biggest defects are, especially in our home market.
In the same regard, we're trained enough to know that our competition in our market are skillful in doing a great job.
The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can rely on us to objectively examine appraisal reports completed by others. And those others may be examining our work, too!