Skilled Appraisal Reviews by Northern Arizona Appraisal, Inc.According 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 engaged in reviews should "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." At Northern Arizona Appraisal, Inc., we provide appraisal review services that are independent, expert, professional and compliant with the Federal Reserve's rules.
The purpose of appraisal reviews are to find out: whether the original appraisal or evaluation is applicable for the transaction, the liability inherit in the transaction, and whether the actions by which the property valuation is attained ensures independence and quality. Moreover, they must signify whether the appraisal or evaluation report is in line with the engagement letter, which sets forth the capacity of the appraisal assignment. Lastly, the Fed also 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 adjusting our work to the practices and guidelines of our review customers, there are four Fannie Mae forms that are generally 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. At Northern Arizona Appraisal, Inc., we're experienced in every kind of appraisal review, review process and the requirements of review appraisers.
We realize what makes a quality appraisal and what the greatest deficiencies are, particularly in our home market. Concurrently, we're experienced enough to acknowledge that our competition in our market are qualified to do a good job. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can trust us to fairly review appraisal reports executed by others. And those others might be evaluating our work, too!
When you choose Northern Arizona Appraisal, Inc., you can be sure of our neutral judgment, because we offer professional, impartial, ethical appraisal review services for our clients. Contact us for more information regarding our qualifications, expertise and service offerings.