Appraisal Reviews by Ferenchak Appraisal Services of TucsonAccording to 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 duty of appraisers completing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Ferenchak Appraisal Services of Tucson provides appraisal review services that are independent, expert, professional and square with the Federal Reserve's rules.
The purpose of appraisal reviews are to pursue: whether the original appraisal or evaluation is well-suited for the transaction, the liability inherit in the transaction, and whether the methods by which the real estate valuation is accomplished ensures independence and quality. In addition, they should announce whether the appraisal or evaluation report is consistent with the letter of engagement, which gives an account of the outlook 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 adjusting our work to the regulations and guidelines of our review customers, there are four Fannie Mae forms that are widely used for review services, and we can produce an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At Ferenchak Appraisal Services of Tucson, we are trained in every form of appraisal review, review process and the requirements of review appraisers.
Ferenchak Appraisal Services of Tucson understands what constitutes a quality appraisal and what the most common deficiencies are, especially when it comes to our local housing market. The professionals at Ferenchak Appraisal Services of Tucson are also amply experienced to identify that the competition in our market are able to do a fine job. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can count on Ferenchak Appraisal Services of Tucson to lawfully study appraisal reports performed by others. And those others may be examining our work, too!
Here at Ferenchak Appraisal Services of Tucson, you can rely on our neutral judgment, because we offer professional, objective, ethical appraisal review services for our clients. Contact Ferenchak Appraisal Services of Tucson for more information about our qualifications, expertise and services offered.