Complete Appraisal Reviews with Michael ShankAs 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 it's the call of appraisers performing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Here at Michael Shank, we provide appraisal review services that are unbiased, expert, professional and square with the Federal Reserve's rules.
The purpose of appraisal reviews are to pursue: whether the original appraisal or evaluation is pertinent for the transaction, the risk inherit in the transaction, and whether the method by which the real estate valuation is obtained ensures independence and quality. In addition, they must announce whether the appraisal or evaluation report is in line with the letter of engagement, which sets forth the extent of the appraisal assignment. Lastly, the Fed 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 adapting our work to the practices and guidelines of our review clients, there are four Fannie Mae forms that are primarily used for review services, and we'll prepare 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 Michael Shank, we're trained in all forms of appraisal reviews, review practices and the obligations of review appraisers.
Michael Shank understands what constitutes a quality appraisal and what the most common errors are, specifically in our local real estate market. The professionals at Michael Shank are also skilled enough to know that our competitors in our market are qualified to do quality work. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can trust Michael Shank to fairly look over appraisal reports completed by others. And those others may be evaluating our work, too!
In short, at Michael Shank, you can have confidence in our honest judgment, because we offer professional, fair, ethical appraisal review services for our customers. Contact Michael Shank regarding our qualifications, expertise and service offerings.