Experienced Appraisal Reviews with Daniel J. Smith AppraisalsAs 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 producing reviews should "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Daniel J. Smith Appraisals provides appraisal review services that are objective, expert, professional and in line with the Federal Reserve's regulations.
The purpose of appraisal reviews are to verify: whether the original appraisal or evaluation is applicable for the transaction, the exposure inherit in the transaction, and whether the procedure by which the real estate valuation is acquired ensures independence and quality. In addition, they must demonstrate whether the appraisal or evaluation report is in line with the engagement letter, which gives an account of the capacity of the appraisal assignment. The Federal Reserve 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 conforming 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 produce 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 Daniel J. Smith Appraisals, we are experienced in all kinds of appraisal reviews, review processes and the requirements of review appraisers.
We are familiar with what the typical report weaknesses are, specifically in our home market, as well as what amounts to a quality appraisal. Concurrently, we are amply skilled to acknowledge that our competitors in our market are skillful in doing a great job. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can rely on Daniel J. Smith Appraisals to ethically valuate appraisal reports completed by others. And those others may be studying our work, too!
When you choose Daniel J. Smith Appraisals, you can count on our independent judgment, because we offer professional, impartial, ethical appraisal review services for our customers. Contact us for more information regarding our qualifications, expertise and service offerings.