Complete Appraisal Reviews by Foster Appraisal Services, LLCAccording to 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 duty of appraisers doing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Foster Appraisal Services, LLC provides appraisal review services that are independent, qualified, professional and compliant with the Federal Reserve's guidelines.
A review appraisal should determine: whether the original appraisal or evaluation is appropriate for the transaction, the exposure inherit in the transaction, and whether the means by which the real estate valuation is attained guarantees independence and quality. They must also signify whether the appraisal or evaluation report is in line with the letter of engagement, which sets forth the range of the appraisal assignment. The Federal Reserve also goes on to say 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 practices and guidelines of our review clients, there are four Fannie Mae forms that are normally used for review services, and we can 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 Foster Appraisal Services, LLC, we are skilled in all kinds of appraisal reviews, review procedures and the responsibilities of review appraisers.
We know what makes a quality appraisal and what the biggest errors are, particularly in our local housing market. In the same sense, we are amply experienced to realize that the competitors in our market are able to do a great job. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can trust us to fairly examine appraisal reports done by others. And those others might be reviewing our work, too!
You can trust Foster Appraisal Services, LLC for our honest judgment, because we offer professional, objective, ethical appraisal review services for our customers. Contact us for more information regarding our qualifications, expertise and services offered.