Savvy Appraisal Reviews by Acme Appraisals LLCAs said in an announcement by the Federal Reserve (click here), "financial institutions must have an effective, independent real estate appraisal and evaluation program" and that appraisers fulfilling reviews have to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Acme Appraisals LLC provides appraisal review services that are independent, efficient, professional and compliant with the Federal Reserve's guidelines.
The purpose of appraisal reviews are to ascertain: whether the original appraisal or evaluation is relevant for the transaction, the liability inherit in the transaction, and whether the process by which the property valuation is rendered guarantees independence and quality. They must also demonstrate whether the appraisal or evaluation report is in line with the letter of engagement, which sets forth the range of the appraisal assignment. Lastly, 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 adjusting our work to the forms and guidelines of our review customers, there are four Fannie Mae forms that are normally used for review services, and we can develop an appraisal review on any one of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At Acme Appraisals LLC, we are trained in all forms of appraisal reviews, review practices and the obligations of review appraisers.
Acme Appraisals LLC knows what the most prevalent reporting defects are, particularly in our real estate market. We also understand what constitutes a quality appraisal. The professionals at Acme Appraisals LLC are also sufficiently trained to know that our competitors in our market are capable of a fine job. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can trust Acme Appraisals LLC to justly valuate appraisal reports executed by others. And those others could be studying our work, too!
In short, when you choose Acme Appraisals LLC, you can count on our independent judgment, because we offer professional, impartial, ethical appraisal review services for our clients. Contact us for more information regarding our qualifications, expertise and service offerings.