Savvy Appraisal Reviews by Classic Valuations, Inc.As stated in an announcement by the Federal Reserve (click here), "financial institutions must have an effective, independent real estate appraisal and evaluation program" and that appraisers doing reviews should "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Classic Valuations, Inc. provides appraisal review services that are objective, qualified, professional and in accordance with the Federal Reserve's guidelines.
The purpose of appraisal reviews are to determine: whether the original appraisal or evaluation is suitable for the transaction, the exposure inherit in the transaction, and whether the means by which the collateral valuation is rendered ensures independence and quality. They must also show whether the appraisal or evaluation report is compatible with the engagement letter, which gives an account of the depth of the appraisal assignment. Lastly, the Federal Reserve 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 processes and guidelines of our review customers, there are four Fannie Mae forms that are normally used for review services, and we'll 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 Classic Valuations, Inc., we're qualified in every form of appraisal review, review process and the obligations of review appraisers.
We know what the most likely report deficiencies are, particularly in our home market, as well as what makes a quality appraisal. In the same sense, the professionals at Classic Valuations, Inc. are amply experienced to admit 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 count on Classic Valuations, Inc. to lawfully assess appraisal reports executed by others. And those others could be studying our work, too!
You can depend on Classic Valuations, Inc. for our independent judgment, because we offer professional, impartial, ethical appraisal review services for our clients. Contact Classic Valuations, Inc. regarding our qualifications, expertise and services offered.