Qualified Appraisal Reviews with RL Carmichael & Assoc, Inc.As said 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 doing reviews are compelled to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." At RL Carmichael & Assoc, Inc., we provide appraisal review services that are independent, expert, professional and square with the Federal Reserve's regulations.
A review appraisal has to find out: whether the original appraisal or evaluation is pertinent for the transaction, the risk inherit in the transaction, and whether the manners by which the property valuation is accomplished ensures independence and quality. Moreover, they must indicate whether the appraisal or evaluation report matches the letter of engagement, which describes the capacity of the appraisal assignment. The Federal Reserve goes on to say 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 adapting our work to the regulations and guidelines of our review clients, there are four Fannie Mae forms that are mostly used for review services, and we will formulate 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 RL Carmichael & Assoc, Inc., we are trained in all types of appraisal reviews, review processes and the obligations of review appraisers.
RL Carmichael & Assoc, Inc. is aware of what the biggest reporting deficiencies are, especially in our housing market. We also understand what constitutes a quality appraisal. The professionals at RL Carmichael & Assoc, Inc. are also adequately experienced to recognize that the competition in our market are able to do a great job. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can count on RL Carmichael & Assoc, Inc. to objectively study appraisal reports completed by others. And those others might be evaluating our work, too!
For professional, unbiased, ethical appraisal review services and honest judgments, you can rely on RL Carmichael & Assoc, Inc.. Contact us for more information regarding our qualifications, expertise and services offered.