Expert Appraisal Reviews with Morrision SingletonAccording to an announcement by the Federal Reserve (click here), "financial institutions must have an effective, independent real estate appraisal and evaluation program" and that appraisers performing reviews must "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Morrision Singleton provides appraisal review services that are objective, expert, professional and square with the Federal Reserve's rules.
The purpose of appraisal reviews are to reveal: whether the original appraisal or evaluation is applicable for the transaction, the exposure inherit in the transaction, and whether the procedures by which the collateral valuation is accomplished guarantees independence and quality. The review should also signify whether the appraisal or evaluation report is true to the letter of engagement, which describes the scope of the appraisal assignment. Lastly, the Fed also notes 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 conforming our work to the practices and guidelines of our review customers, there are four Fannie Mae forms that are widely used for review services, and we'll produce an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. Here at Morrision Singleton, we are trained in every kind of appraisal review, review procedure and the responsibilities of review appraisers.
We're aware of what amounts to a quality appraisal and what the biggest errors are, particularly in our local real estate market. We're also skilled enough to identify that the competitors in our market are skillful in doing a good job. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can trust Morrision Singleton to lawfully review appraisal reports executed by others. And those others might be studying our work, too!
You can count on Morrision Singleton for our independent judgment, because we offer professional, fair, ethical appraisal review services for our customers. Contact Morrision Singleton to learn more about our qualifications, expertise and services offered.