Complete Appraisal Reviews by Mark LenardAccording 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 duty of appraisers undertaking reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Mark Lenard provides appraisal review services that are impartial, expert, professional and in line with the Federal Reserve's regulations.
A review appraisal has to pursue: whether the original appraisal or evaluation is relevant for the transaction, the risk inherit in the transaction, and whether the actions by which the property valuation is obtained ensures independence and quality. Moreover, they must announce whether the appraisal or evaluation report matches the engagement letter, which sets forth the outlook of the appraisal assignment. Lastly, 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 customers, there are four Fannie Mae forms that are widely used for review services, and we can formulate 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 Mark Lenard, we're trained in every kind of appraisal review, review practice and the responsibilities of review appraisers.
We are aware of what constitutes a quality appraisal and what the most prevalent imperfections are, specifically for reports in our local real estate market. Concurrently, the professionals at Mark Lenard are amply skilled to respect that our competition in our market are skillful in doing a good job. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can trust Mark Lenard to fairly evaluate appraisal reports performed by others. And those others might be reviewing our work, too!
At Mark Lenard, you can have confidence in our neutral judgment, because we offer professional, impartial, ethical appraisal review services for our clients. Contact us to learn more about our qualifications, expertise and services offered.