Complete Appraisal Reviews by Allegiance AppraisalsAs stated in an announcement 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." Here at Allegiance Appraisals, we provide appraisal review services that are unbiased, qualified, professional and compliant with the Federal Reserve's guidelines.
A review appraisal should detect: whether the original appraisal or evaluation is fitting for the transaction, the liability inherit in the transaction, and whether the procedures by which the collateral valuation is rendered guarantees independence and quality. Moreover, they should indicate whether the appraisal or evaluation report is compatible with the letter of engagement, which gives an account of the scope of the appraisal assignment. The Fed 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 regulations and guidelines of our review customers, there are four Fannie Mae forms that are widely used for review services, and we can produce an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. Here at Allegiance Appraisals, we are experienced in all forms of appraisal reviews, review practices and the requirements of review appraisers.
We understand what constitutes a quality appraisal and what the greatest defects are, particularly in our local real estate market. Concurrently, we're proficient enough to realize that our competition in our market are capable of doing good work. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can trust Allegiance Appraisals to ethically examine appraisal reports performed by others. And those others might be evaluating our work, too!
In short, at Allegiance Appraisals, you can rely on our honest judgment, because we offer professional, objective, ethical appraisal review services for our clients. Contact Allegiance Appraisals to learn more about our qualifications, expertise and services offered.