Appraisal Reviews by Reamer Appraisals Inc.As stated in 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 responsibility of appraisers doing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." At Reamer Appraisals Inc., we provide appraisal review services that are unbiased, efficient, professional and in line with the Federal Reserve's regulations.
A review appraisal has to reveal: whether the original appraisal or evaluation is well-suited for the transaction, the risk inherit in the transaction, and whether the manner by which the property valuation is acquired ensures independence and quality. They should also announce whether the appraisal or evaluation report is compatible with the letter of engagement, which sets forth the scope of the appraisal assignment. The Fed 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 coordinating our work to the procedures and guidelines of our review clients, there are four Fannie Mae forms that are generally used for review services, and we will produce 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 Reamer Appraisals Inc., we are qualified in every type of appraisal review, review practice and the responsibilities of review appraisers.
Reamer Appraisals Inc. realizes what makes a quality appraisal and what the most prevalent inadequacies are, especially for reports in our local housing market. In the same regard, we're sufficiently trained to realize that the competition in our market are capable of a good job. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can rely on Reamer Appraisals Inc. to ethically evaluate appraisal reports done by others. And those others could be reviewing our work, too!
At Reamer Appraisals Inc., you can count on our independent judgment, because we offer professional, unbiased, ethical appraisal review services for our clients. Contact Reamer Appraisals Inc. to learn more about our qualifications, expertise and service offerings.