The Federal Reserve has stated that "financial institutions must have an effective, independent real estate appraisal and evaluation program," and that appraisers performing reviews should "have the knowledge and expertise to assess compliance with the Federal Reserves appraisal regulations and guidelines." Here at Worden Valuation Services, we provide appraisal review services that are qualified, independent, and professional.
Appraisal reviews "should determine whether the appraisal or evaluation is appropriate for the transaction, the risk of the transaction, and whether the process by which the collateral valuation is obtained ensures independence and quality," according to the Federal Reserve. These reviews "should also indicate whether the appraisal or evaluation report is consistent with the engagement letter, which sets forth the scope of the appraisal assignment." The Fed also 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 meeting the requirements and guidelines of our review clients, there are Fannie Mae forms that are generally used for review services, and we can prepare 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 Worden Valuation Services, we are experienced in all types of appraisal reviews and procedures.
We understand what makes a quality appraisal and what the most common deficiencies are, especially in our home market area. At the same time, we are professional enough to recognize that our competitors in our market are capable of doing a good job. The Uniform Standards of Professional Appraisal Practice (USPAP) governs appraisal reviews as well as appraisal reports, and you can count on us to ethically evaluate appraisal reports performed by others.
In short, here at Worden Valuation Services, you can rely on our independent judgment, with professional, objective, and ethical appraisal review services for our clients. Browse our website to learn more about our qualifications, expertise and services offered, or call us directly with any questions or comments at 630.327.5643.