Appraisal Reviews by Ballew & CompanyAs 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 preparing reviews must "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Here at Ballew & Company, we provide appraisal review services that are independent, qualified, professional and square with the Federal Reserve's regulations.
The purpose of appraisal reviews are to find out: whether the original appraisal or evaluation is relevant for the transaction, the risk inherit in the transaction, and whether the procedures by which the real estate valuation is accomplished guarantees independence and quality. In addition, they must indicate whether the appraisal or evaluation report is true to the letter of engagement, which sets forth the range of the appraisal assignment. The Federal Reserve 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 coordinating our work to the processes and guidelines of our review clients, there are four Fannie Mae forms that are largely used for review services, and we'll develop an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At Ballew & Company, we're skilled in every type of appraisal review, review process and the requirements of review appraisers.
Ballew & Company understands what the most common reporting weaknesses are, particularly in our real estate market. We also understand what makes a quality appraisal. We're also skilled enough to distinguish that our competition in our market are capable of a fine job. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can count on Ballew & Company to objectively assess appraisal reports done by others. And those others could be reviewing our work, too!
In short, at Ballew & Company, you can have confidence in our truthful judgment, because we offer professional, fair, ethical appraisal review services for our clients. Contact Ballew & Company to learn more about our qualifications, expertise and services offered.