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Appraisal ReviewsAccording 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 expectation of appraisers undertaking reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Timothy M Tallent provides appraisal review services that are independent, efficient, professional and compliant with the Federal Reserve's guidelines.The purpose of appraisal reviews are to reveal: whether the original appraisal or evaluation is pertinent for the transaction, the risk inherit in the transaction, and whether the manner by which the property valuation is obtained guarantees independence and quality. Moreover, they must denote whether the appraisal or evaluation report is in line with the letter of engagement, which gives an account of the capacity of the appraisal assignment. Lastly, the Fed also 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 tailoring our work to the processes and guidelines of our review customers, there are four Fannie Mae forms that are widely used for review services, and we can 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. Here at Timothy M Tallent, we're experienced in every kind of appraisal review, review process and the responsibilities of review appraisers.
At Timothy M Tallent, you can count on our neutral judgment, because we offer professional, impartial, ethical appraisal review services for our customers. Contact Timothy M Tallent to learn more about our qualifications, expertise and service offerings. |
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Timothy M Tallent understands what constitutes a quality appraisal and what the most common inadequacies are, particularly in our home market.
In the same regard, we are experienced enough to distinguish that our competition in our market are skillful in doing quality work.
The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can count on us to fairly examine appraisal reports executed by others. And those others may be evaluating our work, too!