Appraisal Reviews with Murray Appraisal Services, Inc.As 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 appraisers producing reviews are compelled to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Murray Appraisal Services, Inc. provides appraisal review services that are objective, qualified, professional and square with the Federal Reserve's guidelines.
The purpose of appraisal reviews are to ascertain: whether the original appraisal or evaluation is applicable for the transaction, the exposure inherit in the transaction, and whether the means by which the collateral valuation is acquired ensures independence and quality. They must also announce whether the appraisal or evaluation report is in line with the engagement letter, which sets forth the depth of the appraisal assignment. Lastly, the Fed notes 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 procedures and guidelines of our review clients, there are four Fannie Mae forms that are normally used for review services, and we'll formulate 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 Murray Appraisal Services, Inc., we're qualified in every type of appraisal review, review process and the obligations of review appraisers.
We're aware of what constitutes a quality appraisal and what the greatest defects are, specifically for reports in our local real estate market. The professionals at Murray Appraisal Services, Inc. are also experienced enough to know that the competitors in our market are capable of doing quality work. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can rely on us to objectively review appraisal reports carried out by others. And those others may be evaluating our work, too!
In short, when you choose Murray Appraisal Services, Inc., you can be sure of our independent judgment, because we offer professional, impartial, ethical appraisal review services for our customers. Contact Murray Appraisal Services, Inc. to learn more about our qualifications, expertise and services offered.