Savvy Appraisal Reviews by Ascend Valuation Services, LLCAs 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 it's the obligation of appraisers producing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Ascend Valuation Services, LLC provides appraisal review services that are independent, expert, professional and square with the Federal Reserve's guidelines.
A review appraisal should verify: whether the original appraisal or evaluation is applicable for the transaction, the liability inherit in the transaction, and whether the means by which the property valuation is acquired ensures independence and quality. They must also signify whether the appraisal or evaluation report is true to the letter of engagement, which describes the reach 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 conforming our work to the procedures and guidelines of our review customers, there are four Fannie Mae forms that are generally used for review services, and we can 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. Here at Ascend Valuation Services, LLC, we're trained in all types of appraisal reviews, review processes and the obligations of review appraisers.
Ascend Valuation Services, LLC realizes what the biggest reporting weaknesses are, specifically in our real estate market. We also know what constitutes a quality appraisal. We're also amply experienced to recognize that our competitors in our market are qualified to do a fine job. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can rely on Ascend Valuation Services, LLC to lawfully study appraisal reports done by others. And those others might be evaluating our work, too!
For professional, impartial, ethical appraisal review services and neutral judgments, you can count on Ascend Valuation Services, LLC. Contact us to learn more about our qualifications, expertise and service offerings.