Skilled Appraisal Reviews with Bock Appraisal ServicesAs said in 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 prudent for appraisers undertaking reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Bock Appraisal Services provides appraisal review services that are impartial, qualified, professional and in line with the Federal Reserve's rules.
The purpose of appraisal reviews are to detect: whether the original appraisal or evaluation is well-suited for the transaction, the exposure inherit in the transaction, and whether the procedures by which the real estate valuation is attained guarantees independence and quality. The review must also demonstrate whether the appraisal or evaluation report is in line with the letter of engagement, which sets forth the range of the appraisal assignment. Lastly, the Fed says 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 clients, there are four Fannie Mae forms that are typically used for review services, and we will formulate 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 Bock Appraisal Services, we're qualified in all forms of appraisal reviews, review procedures and the requirements of review appraisers.
We know what the greatest reporting inadequacies are, particularly in our housing market. We also know what amounts to a quality appraisal. We're also experienced enough to identify that our competitors in our market are capable of doing quality work. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can trust us to objectively valuate appraisal reports done by others. And those others could be evaluating our work, too!
You can rely on Bock Appraisal Services for our truthful judgment, because we offer professional, unbiased, ethical appraisal review services for our clients. Contact us regarding our qualifications, expertise and service offerings.