Appraisal Reviews with Craig Gehm AppraisalsAccording to 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 performing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." At Craig Gehm Appraisals, we provide appraisal review services that are unbiased, expert, professional and in accordance with the Federal Reserve's regulations.
A review appraisal should detect: whether the original appraisal or evaluation is suitable for the transaction, the liability inherit in the transaction, and whether the methods by which the real estate valuation is accomplished guarantees independence and quality. They must also demonstrate whether the appraisal or evaluation report is true to the letter of engagement, which describes the range of the appraisal assignment. Lastly, the Fed goes on to say 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 regulations and guidelines of our review customers, there are four Fannie Mae forms that are largely used for review services, and we will 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 Craig Gehm Appraisals, we are experienced in all forms of appraisal reviews, review procedures and the responsibilities of review appraisers.
We know what constitutes a quality appraisal and what the most prevalent errors are, especially in our home market. At the same time, we are amply skilled to know that the competitors in our market are qualified to do a fine job. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can rely on Craig Gehm Appraisals to ethically valuate appraisal reports performed by others. And those others may be examining our work, too!
Here at Craig Gehm Appraisals, you can count on our truthful judgment, because we offer professional, impartial, ethical appraisal review services for our clients. Contact us for more information about our qualifications, expertise and services offered.