Qualified Appraisal Reviews by Lavender/McElveen AppraisalsAccording 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 obligation of appraisers fulfilling reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Lavender/McElveen Appraisals provides appraisal review services that are independent, qualified, professional and in accordance with the Federal Reserve's regulations.
A review appraisal has to determine: whether the original appraisal or evaluation is pertinent for the transaction, the liability inherit in the transaction, and whether the actions by which the real estate valuation is rendered ensures independence and quality. Moreover, they should show whether the appraisal or evaluation report is consistent with the letter of engagement, which gives an account of the scope of the appraisal assignment. The Fed also 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 forms and guidelines of our review clients, there are four Fannie Mae forms that are primarily used for review services, and we'll 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 Lavender/McElveen Appraisals, we are trained in all forms of appraisal reviews, review processes and the obligations of review appraisers.
We are familiar with what the most prevalent report imperfections are, especially in our real estate market, as well as what represents a quality appraisal. At the same time, we are skilled enough to admit that the competitors in our market are capable of doing quality work. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can rely on Lavender/McElveen Appraisals to lawfully assess appraisal reports performed by others. And those others might be reviewing our work, too!
In short, at Lavender/McElveen Appraisals, you can have confidence in our honest judgment, because we offer professional, impartial, ethical appraisal review services for our clients. Contact Lavender/McElveen Appraisals regarding our qualifications, expertise and service offerings.