Skilled Appraisal Reviews with Vanguard ValuationsAs 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 engaged in reviews have to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Vanguard Valuations provides appraisal review services that are independent, expert, professional and compliant with the Federal Reserve's rules.
The purpose of appraisal reviews are to ascertain: whether the original appraisal or evaluation is well-suited for the transaction, the exposure inherit in the transaction, and whether the process by which the property valuation is acquired guarantees independence and quality. In addition, they should signify whether the appraisal or evaluation report is consistent with the letter of engagement, which sets forth the range of the appraisal assignment. Lastly, the Fed 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 procedures and guidelines of our review clients, there are four Fannie Mae forms that are primarily 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. Here at Vanguard Valuations, we are skilled in all forms of appraisal reviews, review practices and the obligations of review appraisers.
Vanguard Valuations is aware of what the most prevalent reporting imperfections are, specifically in our home market. We also understand what amounts to a quality appraisal. We're also amply trained to respect that our competition in our market are capable of a great job. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can count on Vanguard Valuations to lawfully evaluate appraisal reports done by others. And those others may be studying our work, too!
You can count on Vanguard Valuations for our neutral judgment, because we offer professional, objective, ethical appraisal review services for our customers. Contact Vanguard Valuations to learn more about our qualifications, expertise and service offerings.