Appraisal Reviews by Ed Gray AssociatesAccording 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 responsibility of appraisers doing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." At Ed Gray Associates, we provide appraisal review services that are unbiased, expert, professional and in line with the Federal Reserve's guidelines.
A review appraisal has to pursue: whether the original appraisal or evaluation is suitable for the transaction, the risk inherit in the transaction, and whether the processes by which the property valuation is rendered guarantees independence and quality. They should also indicate whether the appraisal or evaluation report is consistent with the engagement letter, which gives an account of the depth of the appraisal assignment. The Fed also notes 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 procedures and guidelines of our review customers, there are four Fannie Mae forms that are typically used for review services, and we'll prepare 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 Ed Gray Associates, we're experienced in every kind of appraisal review, review practice and the obligations of review appraisers.
We know what makes a quality appraisal and what the most common imperfections are, especially for reports in our local real estate market. In the same regard, we are professional enough to know that our competition in our market are able to do a great job. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can count on us to fairly review appraisal reports carried out by others. And those others could be examining our work, too!
Here at Ed Gray Associates, you can rely on our honest judgment, because we offer professional, unbiased, ethical appraisal review services for our clients. Contact Ed Gray Associates regarding our qualifications, expertise and service offerings.