Appraisal Reviews by Citiwide AppraisalAccording to 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 duty of appraisers producing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Citiwide Appraisal provides appraisal review services that are independent, efficient, professional and square with the Federal Reserve's guidelines.
A review appraisal has to detect: whether the original appraisal or evaluation is appropriate for the transaction, the risk inherit in the transaction, and whether the processes by which the property valuation is obtained ensures independence and quality. They should also denote whether the appraisal or evaluation report is compatible with the letter of engagement, which describes the reach 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 coordinating our work to the practices and guidelines of our review customers, there are four Fannie Mae forms that are usually used for review services, and we will 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 Citiwide Appraisal, we're qualified in every kind of appraisal review, review process and the obligations of review appraisers.
Citiwide Appraisal knows what constitutes a quality appraisal and what the most prevalent defects are, specifically in our home market. The professionals at Citiwide Appraisal are also amply experienced to distinguish that the competitors in our market are skillful in doing a great job. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can rely on us to lawfully valuate appraisal reports done by others. And those others may be evaluating our work, too!
You can rely on Citiwide Appraisal for our independent judgment, because we offer professional, fair, ethical appraisal review services for our clients. Contact us to learn more about our qualifications, expertise and service offerings.