Appraisal Reviews by Orchard Hill AppraisalAccording to 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 expectation of appraisers undertaking reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." At Orchard Hill Appraisal, we provide appraisal review services that are unbiased, qualified, professional and square with the Federal Reserve's rules.
A review appraisal should pursue: whether the original appraisal or evaluation is appropriate for the transaction, the exposure inherit in the transaction, and whether the manners by which the real estate valuation is obtained guarantees independence and quality. In addition, they should indicate whether the appraisal or evaluation report is in line with the engagement letter, which describes the range of the appraisal assignment. The Fed states 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 customers, there are four Fannie Mae forms that are normally used for review services, and we can prepare an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At Orchard Hill Appraisal, we are experienced in all types of appraisal reviews, review practices and the responsibilities of review appraisers.
We're aware of what represents a quality appraisal and what the greatest errors are, specifically in our home market. Concurrently, we're professional enough to distinguish that the competition in our market are able to do a great job. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can count on Orchard Hill Appraisal to objectively assess appraisal reports carried out by others. And those others may be reviewing our work, too!
In short, here at Orchard Hill Appraisal, you can have confidence in our independent judgment, because we offer professional, unbiased, ethical appraisal review services for our clients. Contact Orchard Hill Appraisal for more information about our qualifications, expertise and service offerings.