Qualified Appraisal Reviews by Bobkat Appraisal Services
According to an announcement by the Federal Reserve (click here), "financial institutions must have an effective, independent real estate appraisal and evaluation program" and that appraisers engaged in reviews are obligated to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Here at Bobkat Appraisal Services, we provide appraisal review services that are independent, qualified, professional and square with the Federal Reserve's regulations.
The purpose of appraisal reviews are to pursue: whether the original appraisal or evaluation is pertinent for the transaction, the exposure inherit in the transaction, and whether the method by which the collateral valuation is acquired guarantees independence and quality. The review must also signify whether the appraisal or evaluation report is consistent with the letter of engagement, which sets forth the reach of the appraisal assignment. The Federal Reserve also 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 regulations and guidelines of our review clients, there are four Fannie Mae forms that are primarily used for review services, and we'll 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. At Bobkat Appraisal Services, we are experienced in all forms of appraisal reviews, review procedures and the obligations of review appraisers.
We understand what the most prevalent reporting defects are, especially in our home market. We also understand what represents a quality appraisal. The professionals at Bobkat Appraisal Services are sufficiently experienced to acknowledge that the competition in our market is qualified to do good work. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can rely on us to objectively evaluate appraisal reports executed by others. And those others could be evaluating our work, too!
For professional, fair, ethical appraisal review services and truthful judgments, you can depend on Bobkat Appraisal Services. Contact us for more information about our qualifications, expertise, and services offered.