Appraisal Reviews by Harbor Appraisals, LLCAs said in a statement by the Federal Reserve (click here), "financial institutions must have an effective, independent real estate appraisal and evaluation program" and that appraisers producing reviews have to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." At Harbor Appraisals, LLC, we provide appraisal review services that are impartial, qualified, professional and square with the Federal Reserve's rules.
The purpose of appraisal reviews are to reveal: whether the original appraisal or evaluation is relevant for the transaction, the liability inherit in the transaction, and whether the practices by which the real estate valuation is rendered ensures independence and quality.
They should also indicate whether the appraisal or evaluation report is compatible with the letter of engagement, which describes the range 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 tailoring our work to the procedures and guidelines of our review clients, there are four Fannie Mae forms that are largely used for review services, and we'll produce 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 Harbor Appraisals, LLC, we are qualified in every type of appraisal review, review procedure and the requirements of review appraisers.
Harbor Appraisals, LLC knows what constitutes a quality appraisal and what the most common defects are, specifically when it comes to our home market. We're also adequately experienced to recognize that the competitors in our market are skillful in doing a good job. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can trust us to fairly study appraisal reports completed by others. And those others might be reviewing our work, too!
You can trust Harbor Appraisals, LLC for our truthful judgment, because we offer professional, impartial, ethical appraisal review services for our customers. Contact Harbor Appraisals, LLC to learn more about our qualifications, expertise and service offerings.