Appraisal Reviews with DMJ Appraisals
According to a statement by the Federal Reserve, "financial institutions are required to have effective, unbiased real estate appraisal and evaluation procedures," and that appraisers performing reviews have to "have the ability and skills to determine compliance with the Federal Reserves appraisal regulations and guidelines." DMJ Appraisals provides appraisal review services that are impartial, expert, professional and in line with the Federal Reserve's guidelines.
If you're in the need of a real estate appraisal review or have questions in reference to an appraisal, call us today.
Appraisal reviews "ought to verify whether the appraisal or evaluation is relevant for the transaction, the risk of the transaction, and whether the practices by which the collateral valuation is acquired guarantees independence and quality," as stated by the Federal Reserve. In addition, they "should signify whether the appraisal or evaluation report is compatible with the letter of engagement, which describes the capacity of the appraisal assignment." Lastly, the Federal Reserve says that "some institutions supplement typical reviews with post-funding assessments of appraisal quality for some of their high-risk or higher-value contracts as a way to help in addressing valuation concerns."
In addition to adapting our work to the practices and guidelines of our review customers, there are four Fannie Mae forms that are typically 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. At DMJ Appraisals, we are trained in every type of appraisal review, review procedure and the obligations of review appraisers.
We are aware of what the greatest deficiencies are, particularly in our home market, as well as what constitutes a quality appraisal. Concurrently, we are professional enough to know that our competition in our market are capable of doing a great job. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can rely on DMJ Appraisals to lawfully look over appraisal reports carried out by others. And those others may be studying our work, too!
You can count on DMJ Appraisals for our independent judgment, because we offer professional, objective, ethical appraisal review services for our customers. Contact DMJ Appraisals for more information regarding our qualifications, expertise and service offerings.