Maryann Ostolaza Appraisal Services, Inc. Appraisal ReviewsAccording to a statement by the Federal Reserve (click here), "financial institutions must have an effective, independent real estate appraisal and evaluation program" and that it's the obligation of appraisers performing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Here at Maryann Ostolaza Appraisal Services, Inc., we provide appraisal review services that are impartial, expert, professional and in line with the Federal Reserve's guidelines.
A review appraisal should find out: whether the original appraisal or evaluation is fitting for the transaction, the risk inherit in the transaction, and whether the manner by which the property valuation is obtained guarantees independence and quality. They should also demonstrate whether the appraisal or evaluation report is compatible with the engagement letter, which sets forth the range of the appraisal assignment. The Fed 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 conforming our work to the processes and guidelines of our review clients, there are four Fannie Mae forms that are widely used for review services, and we can prepare an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At Maryann Ostolaza Appraisal Services, Inc., we are experienced in all kinds of appraisal reviews, review processes and the obligations of review appraisers.
We know what the most prevalent report defects are, particularly in our real estate market, as well as what represents a quality appraisal. We're also sufficiently skilled to identify that the competition in our market are capable of a good job. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can count on Maryann Ostolaza Appraisal Services, Inc. to objectively study appraisal reports done by others. And those others could be examining our work, too!
For professional, objective, ethical appraisal review services and neutral judgments, you can count on Maryann Ostolaza Appraisal Services, Inc.. Contact us for more information regarding our qualifications, expertise and services offered.