Appraisal ReviewsAs 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 obligation of appraisers performing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Frontline Appraisals, LLC provides appraisal review services that are objective, efficient, professional and in accordance with the Federal Reserve's regulations.
A review appraisal has to verify: whether the original appraisal or evaluation is pertinent for the transaction, the liability inherit in the transaction, and whether the process by which the property valuation is rendered ensures independence and quality. The review should also demonstrate whether the appraisal or evaluation report is compatible with the engagement letter, which gives an account of the scope of the appraisal assignment. Lastly, the Fed 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".
We are familiar with what the most likely report deficiencies are, especially in our housing market, as well as what amounts to a quality appraisal. The professionals at Frontline Appraisals, LLC are also sufficiently trained to distinguish that the competition in our market are capable of doing a great job. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can count on Frontline Appraisals, LLC to objectively evaluate appraisal reports carried out by others. And those others may be evaluating our work, too!
In short, here at Frontline Appraisals, LLC, you can rely on our neutral judgment, because we offer professional, fair, ethical appraisal review services for our customers. Contact Frontline Appraisals, LLC for more information about our qualifications, expertise and service offerings.