Appraisal Review

As stated in an announcement by the Federal Reserve (click here), “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 Reserve’s appraisal regulations and guidelines.” Here at McInnis Appraisals, Inc., we provide appraisal review services that are unbiased, efficient, professional and in accordance with the Federal Reserve’s rules.

A review appraisal should find out: whether the original appraisal or evaluation is relevant for the transaction, the liability inherit in the transaction, and whether the methods by which the collateral valuation is acquired guarantees independence and quality. The review should also announce whether the appraisal or evaluation report is compatible with the engagement letter, which describes the depth of the appraisal assignment. The Federal Reserve also says 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 procedures and guidelines of our review customers, there are four Fannie Mae forms that are largely used for review services, and we’ll 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 McInnis Appraisals, Inc., we’re qualified in every type of appraisal review, review process and the requirements of review appraisers.

We are familiar with what the most common report deficiencies are, particularly in our housing market, as well as what represents a quality appraisal. The professionals at McInnis Appraisals, Inc. are also trained enough to acknowledge that our competitors in our market are qualified to do a fine job. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can trust us to objectively look over appraisal reports performed by others. And those others might be evaluating our work, too!

For professional, objective, ethical appraisal review services and truthful judgments, you can depend on McInnis Appraisals, Inc.. Contact us regarding our qualifications, expertise and services offered.