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Competent Appraisal Reviews with Larry BridgesAs 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 undertaking reviews ought to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Larry Bridges provides appraisal review services that are independent, qualified, professional and in accordance with the Federal Reserve's regulations.The purpose of appraisal reviews are to determine: whether the original appraisal or evaluation is pertinent for the transaction, the risk inherit in the transaction, and whether the practices by which the property valuation is obtained ensures independence and quality. The review should also announce whether the appraisal or evaluation report is true to the letter of engagement, which sets forth the range of the appraisal assignment. The Fed also 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 coordinating our work to the procedures and guidelines of our review clients, there are four Fannie Mae forms that are typically used for review services, and we can produce 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 Larry Bridges, we are skilled in all kinds of appraisal reviews, review procedures and the requirements of review appraisers.
In short, when you choose Larry Bridges, you can rely on our neutral judgment, because we offer professional, objective, ethical appraisal review services for our customers. Contact Larry Bridges regarding our qualifications, expertise and service offerings. |
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We are familiar with what the most prevalent report weaknesses are, especially in our real estate market, as well as what amounts to a quality appraisal.
Concurrently, we're sufficiently skilled to know that the competitors in our market are able to do good work.
The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can rely on us to fairly assess appraisal reports done by others. And those others may be evaluating our work, too!