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Appraisal Reviews by CAAR GROUPAccording 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 prudent for appraisers engaged in reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." CAAR GROUP provides appraisal review services that are objective, qualified, professional and in accordance with the Federal Reserve's guidelines.A review appraisal should verify: whether the original appraisal or evaluation is suitable for the transaction, the liability inherit in the transaction, and whether the actions by which the collateral valuation is attained ensures independence and quality. Moreover, they should denote whether the appraisal or evaluation report is true to the engagement letter, which describes the outlook of the appraisal assignment. Lastly, the Fed notes 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 processes and guidelines of our review clients, there are four Fannie Mae forms that are widely used for review services, and we can produce an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. Here at CAAR GROUP, we are qualified in all types of appraisal reviews, review processes and the obligations of review appraisers.
You can trust CAAR GROUP for our truthful judgment, because we offer professional, unbiased, ethical appraisal review services for our clients. Contact CAAR GROUP regarding our qualifications, expertise and service offerings. |
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We realize what the most likely report defects are, particularly in our home market, as well as what constitutes a quality appraisal.
At the same time, we are amply skilled to admit that our competitors in our market are skillful in doing quality work.
The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can rely on us to justly evaluate appraisal reports completed by others. And those others could be studying our work, too!