Savvy Appraisal Reviews with Jarrett Appraisal ServicesAccording 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 duty of appraisers fulfilling reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Jarrett Appraisal Services provides appraisal review services that are impartial, expert, professional and square with the Federal Reserve's regulations.
A review appraisal has to find out: whether the original appraisal or evaluation is applicable for the transaction, the risk inherit in the transaction, and whether the practices by which the real estate valuation is accomplished ensures independence and quality. They must also announce whether the appraisal or evaluation report is true to the engagement letter, 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 mostly used for review services, and we can produce 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 Jarrett Appraisal Services, we are qualified in all forms of appraisal reviews, review procedures and the responsibilities of review appraisers.
Jarrett Appraisal Services knows what the most prevalent reporting defects are, especially in our home market. We also understand what amounts to a quality appraisal. In the same regard, we're proficient enough to realize that the competition in our market are able to do a fine job. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can trust Jarrett Appraisal Services to justly valuate appraisal reports completed by others. And those others could be studying our work, too!
You can count on Jarrett Appraisal Services for our neutral judgment, because we offer professional, unbiased, ethical appraisal review services for our clients. Contact Jarrett Appraisal Services to learn more about our qualifications, expertise and services offered.