Appraisal Reviews and Forensic Reviews by Blake Appraisal Corp.As 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 prudent for appraisers doing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Here at Blake Appraisal Corp., we provide appraisal review and forensic review services that are objective, qualified, professional and square with USPAP and the Federal Reserve's regulations.
A review appraisal should pursue: whether the original appraisal or evaluation is appropriate for the transaction, the risk inherit in the transaction, and whether the practices by which the collateral valuation is accomplished ensures independence and quality. They should also announce whether the appraisal or evaluation report is true to the engagement letter, which sets forth the extent of the appraisal assignment. Lastly, the Federal Reserve 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 adapting our work to the processes and guidelines of our review customers, there are four Fannie Mae forms that are primarily used for review services, and we'll 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 Blake Appraisal Corp., we are trained in every form of residential appraisal review, review process and the requirements of review appraisers. We an even customize the review to include an interior inspection (when possible) so that you as a client can have a second set of trustworthy eyes for verification of the subject's condition, level of updates, etc.
We realize what represents a quality appraisal and what the most prevalent errors are, particularly for reports in our local real estate market. We're also amply trained to identify that the competition in our market are qualified to do quality work. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can trust us to ethically examine appraisal reports performed by others. And those others may be studying our work, too!
For professional, impartial, ethical appraisal review services and independent judgments, you can count on Blake Appraisal Corp.. Contact us for more information about our qualifications, expertise and services offered.
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