Quality Appraisal Reviews by JC Appraisal LLCAs 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 appraisers producing reviews must "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." JC Appraisal LLC provides appraisal review services that are objective, expert, professional and compliant with the Federal Reserve's guidelines.
A review appraisal should ascertain: whether the original appraisal or evaluation is well-suited for the transaction, the risk inherit in the transaction, and whether the manner by which the property valuation is rendered guarantees independence and quality. They must also indicate whether the appraisal or evaluation report is true to the letter of engagement, which sets forth the depth of the appraisal assignment. Lastly, the Federal Reserve 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 coordinating our work to the practices and guidelines of our review clients, there are four Fannie Mae forms that are largely used for review services, and we will formulate an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At JC Appraisal LLC, we are experienced in every form of appraisal review, review procedure and the responsibilities of review appraisers.
We are familiar with what the most common reporting inadequacies are, specifically in our home market. We also know what constitutes a quality appraisal. In the same regard, the professionals at JC Appraisal LLC are adequately experienced to respect that our competitors in our market are able to do a good job. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can rely on us to ethically evaluate appraisal reports executed by others. And those others could be examining our work, too!
In short, here at JC Appraisal LLC, you can rely on our independent judgment, because we offer professional, impartial, ethical appraisal review services for our clients. Contact JC Appraisal LLC regarding our qualifications, expertise and services offered.