Appraisal Reviews with Janice Peterson dba J Starr AppraisalsAs 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 prudent for appraisers producing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." At Janice Peterson dba J Starr Appraisals, we provide appraisal review services that are impartial, efficient, professional and square with the Federal Reserve's regulations.
The purpose of appraisal reviews are to detect: whether the original appraisal or evaluation is suitable for the transaction, the liability inherit in the transaction, and whether the processes by which the property valuation is rendered guarantees independence and quality. Moreover, they should show whether the appraisal or evaluation report matches the engagement letter, which describes the outlook 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 conforming our work to the processes and guidelines of our review clients, there are four Fannie Mae forms that are usually used for review services, and we'll 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. Here at Janice Peterson dba J Starr Appraisals, we are qualified in every type of appraisal review, review procedure and the obligations of review appraisers.
We know what the most frequent reporting weaknesses are, specifically in our home market. We also understand what makes a quality appraisal. Concurrently, we are proficient enough to recognize that our competitors in our market are qualified to do quality work. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can count on us to lawfully study appraisal reports executed by others. And those others could be examining our work, too!
For professional, unbiased, ethical appraisal review services and truthful judgments, you can count on Janice Peterson dba J Starr Appraisals. Contact Janice Peterson dba J Starr Appraisals for more information regarding our qualifications, expertise and service offerings.