Experienced Appraisal Reviews with Peterson Appraisal GroupAs said in 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 expectation of appraisers doing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Peterson Appraisal Group provides appraisal review services that are independent, expert, professional and in accordance with the Federal Reserve's regulations.
The purpose of appraisal reviews are to detect: whether the original appraisal or evaluation is appropriate for the transaction, the exposure inherit in the transaction, and whether the procedure by which the collateral valuation is attained guarantees independence and quality. The review must also denote whether the appraisal or evaluation report is consistent with the engagement letter, which sets forth the range of the appraisal assignment. The Fed states 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 adapting our work to the processes and guidelines of our review customers, there are four Fannie Mae forms that are widely used for review services, and we will formulate 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 Peterson Appraisal Group, we are trained in all forms of appraisal reviews, review practices and the requirements of review appraisers.
Peterson Appraisal Group is aware of what the typical report imperfections are, especially in our housing market, as well as what represents a quality appraisal. The professionals at Peterson Appraisal Group are also adequately trained to realize that the competitors in our market are capable of a good job. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can count on us to fairly review appraisal reports executed by others. And those others could be evaluating our work, too!
At Peterson Appraisal Group, you can be sure of our independent judgment, because we offer professional, objective, ethical appraisal review services for our clients. Contact us for more information about our qualifications, expertise and service offerings.