Appraisal Reviews with DJ ValuationsAs said in a statement 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." Here at DJ Valuations, we provide appraisal review services that are independent, efficient, professional and in line with the Federal Reserve's regulations.
The purpose of appraisal reviews are to detect: whether the original appraisal or evaluation is relevant for the transaction, the risk inherit in the transaction, and whether the procedure by which the collateral valuation is accomplished guarantees independence and quality. The review must also denote whether the appraisal or evaluation report is consistent with the letter of engagement, which sets forth the depth of the appraisal assignment. Lastly, the Federal Reserve also says 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 tailoring our work to the regulations and guidelines of our review clients, there are four Fannie Mae forms that are largely used for review services, and we can 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 DJ Valuations, we are qualified in all forms of appraisal reviews, review processes and the requirements of review appraisers.
We're aware of what represents a quality appraisal and what the biggest imperfections are, especially for reports in our home market. We're also adequately trained to respect that our competition 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 trust us to fairly study appraisal reports carried out by others. And those others may be reviewing our work, too!
In short, here at DJ Valuations, you can be sure of our honest judgment, because we offer professional, objective, ethical appraisal review services for our customers. Contact us for more information regarding our qualifications, expertise and services offered.