Brett E. Patron & Associates LLC Appraisal ReviewsAccording to 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 engaged in reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Brett E. Patron & Associates LLC provides appraisal review services that are objective, efficient, professional and compliant with the Federal Reserve's rules.
A review appraisal should pursue: whether the original appraisal or evaluation is relevant for the transaction, the exposure inherit in the transaction, and whether the method by which the real estate valuation is accomplished ensures independence and quality. In addition, they should indicate whether the appraisal or evaluation report is in line with the letter of engagement, which describes the scope of the appraisal assignment. The Federal Reserve 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 conforming 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 will develop 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 Brett E. Patron & Associates LLC, we're experienced in all types of appraisal reviews, review procedures and the responsibilities of review appraisers.
We are aware of what constitutes a quality appraisal and what the most prevalent imperfections are, specifically in our local housing market. At the same time, we are skilled enough to identify that our competitors in our market are capable of 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 us to justly study appraisal reports done by others. And those others could be studying our work, too!
For professional, fair, ethical appraisal review services and truthful judgments, you can depend on Brett E. Patron & Associates LLC. Contact us for more information regarding our qualifications, expertise and services offered.