Appraisal Reviews with Illinois Expert AppraisalAccording 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 call of appraisers fulfilling reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Illinois Expert Appraisal provides appraisal review services that are independent, qualified, professional and in accordance with the Federal Reserve's regulations.
A review appraisal has to reveal: whether the original appraisal or evaluation is suitable for the transaction, the exposure inherit in the transaction, and whether the procedures by which the collateral valuation is rendered ensures independence and quality. The review should also denote whether the appraisal or evaluation report is true to the engagement letter, which gives an account of the range 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 regulations and guidelines of our review customers, there are four Fannie Mae forms that are largely used for review services, and we can develop an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At Illinois Expert Appraisal, we're qualified in all kinds of appraisal reviews, review procedures and the obligations of review appraisers.
We know what the most frequent reporting imperfections are, specifically in our housing market. We also understand what makes a quality appraisal. In the same sense, the professionals at Illinois Expert Appraisal are adequately experienced to recognize that the competition in our market are capable of doing a good job. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can rely on Illinois Expert Appraisal to ethically review appraisal reports executed by others. And those others may be reviewing our work, too!
In short, when you choose Illinois Expert Appraisal, you can count on our neutral judgment, because we offer professional, unbiased, ethical appraisal review services for our customers. Contact us for more information regarding our qualifications, expertise and services offered.