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Appraisal Reviews
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 performing reviews are obligated to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." M.G. Cangelose and Associates provides appraisal review services that are independent, qualified, professional and in accordance with the Federal Reserve's rules. A review appraisal has to verify: whether the original appraisal or evaluation is pertinent for the transaction, the risk inherit in the transaction, and whether the manner by which the collateral valuation is rendered guarantees independence and quality. They should also announce whether the appraisal or evaluation report is consistent with the letter of engagement, which sets forth the extent 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 tailoring our work to the forms and guidelines of our review customers, there are four Fannie Mae forms that are normally used for review services, and we'll develop 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 M.G. Cangelose and Associates, we're experienced in all kinds of appraisal reviews, review processes and the requirements of review appraisers.
In short, when you choose M.G. Cangelose and Associates, you can count on our neutral judgment, because we offer professional, fair, ethical appraisal review services for our clients. Contact us regarding our qualifications, expertise and services offered. |
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We realize what constitutes a quality appraisal and what the most prevalent errors are, particularly when it comes to our local real estate market. At the same time, we are trained enough to respect that the competition in our market are able to do a great job. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can trust us to fairly study appraisal reports carried out by others. And those others may be evaluating our work, too!