Skilled Appraisal Reviews by Delaware Home ValuationsAs 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 call of appraisers performing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Here at Delaware Home Valuations, we provide appraisal review services that are unbiased, efficient, professional and in accordance with the Federal Reserve's guidelines.
A review appraisal has to ascertain: whether the original appraisal or evaluation is suitable for the transaction, the exposure inherit in the transaction, and whether the procedures by which the collateral valuation is obtained ensures independence and quality. Moreover, they must signify whether the appraisal or evaluation report is true to the engagement letter, which gives an account of 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 conforming our work to the practices and guidelines of our review clients, there are four Fannie Mae forms that are normally used for review services, and we will formulate an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At Delaware Home Valuations, we're experienced in every type of appraisal review, review practice and the obligations of review appraisers.
Delaware Home Valuations knows what the most likely report imperfections are, specifically in our home market, as well as what amounts to a quality appraisal. At the same time, we are experienced enough to respect that the competition in our market are skillful in doing a great job. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can count on Delaware Home Valuations to objectively valuate appraisal reports done by others. And those others may be evaluating our work, too!
You can rely on Delaware Home Valuations for our neutral judgment, because we offer professional, objective, ethical appraisal review services for our clients. Contact Delaware Home Valuations regarding our qualifications, expertise and services offered.