Experienced Appraisal Reviews with Barnes Appraisal CompanyAs 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 preparing reviews have to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Barnes Appraisal Company provides appraisal review services that are objective, efficient, professional and square with the Federal Reserve's guidelines.
The purpose of appraisal reviews are to determine: whether the original appraisal or evaluation is relevant for the transaction, the risk inherit in the transaction, and whether the manners by which the property valuation is rendered ensures independence and quality. The review should also show whether the appraisal or evaluation report is in line with the engagement letter, which sets forth the depth 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 tailoring our work to the forms and guidelines of our review customers, there are four Fannie Mae forms that are widely used for review services, and we can formulate 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 Barnes Appraisal Company, we're trained in all types of appraisal reviews, review processes and the obligations of review appraisers.
Barnes Appraisal Company understands what the most common report weaknesses are, especially in our housing market, as well as what constitutes a quality appraisal. Concurrently, the professionals at Barnes Appraisal Company are amply trained to know that the competitors in our market are capable of doing a fine job. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can count on Barnes Appraisal Company to fairly review appraisal reports completed by others. And those others could be evaluating our work, too!
You can trust Barnes Appraisal Company for our truthful judgment, because we offer professional, impartial, ethical appraisal review services for our customers. Contact Barnes Appraisal Company to learn more about our qualifications, expertise and services offered.