Appraisal Reviews with Staton and Associates, LLCAs 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 completing reviews are obligated to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." At Staton and Associates, LLC, we provide appraisal review services that are unbiased, qualified, professional and square with the Federal Reserve's guidelines.
The purpose of appraisal reviews are to verify: whether the original appraisal or evaluation is applicable for the transaction, the exposure inherit in the transaction, and whether the manners by which the collateral valuation is accomplished ensures independence and quality. The review should also signify whether the appraisal or evaluation report is consistent with the engagement letter, which gives an account of the extent of the appraisal assignment. Lastly, the Federal Reserve 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 adapting our work to the processes and guidelines of our review clients, there are four Fannie Mae forms that are largely used for review services, and we can produce an appraisal review on any one of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. Here at Staton and Associates, LLC, we're experienced in every form of appraisal review, review process and the responsibilities of review appraisers.
Staton and Associates, LLC realizes what the most prevalent report deficiencies are, particularly in our housing market, as well as what makes a quality appraisal. In the same regard, we are skilled enough to admit that the competition in our market are qualified to do a good job. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can trust Staton and Associates, LLC to justly assess appraisal reports completed by others. And those others could be reviewing our work, too!
Here at Staton and Associates, LLC, you can rely on our truthful judgment, because we offer professional, fair, ethical appraisal review services for our clients. Contact us regarding our qualifications, expertise and service offerings.