Appraisal Reviews by DANIEL I KANDEL
As said in an announcement by the Federal Reserve, "financial institutions are obligated to have an effective, unbiased real estate appraisal and evaluation plan," and that appraisers fulfilling reviews are obligated to "have the familiarity and skills to determine compliance with the Federal Reserves appraisal rules and guidelines." Here at DANIEL I KANDEL, we provide appraisal review services that are independent, qualified, professional and square with the Federal Reserve's guidelines.
If you have questions in reference to an appraisal, or if you need a real estate appraisal review, call us today.
Appraisal reviews "should find out whether the appraisal or evaluation is well-suited for the transaction, the danger of the transaction, and whether the methods by which the collateral valuation is accomplished guarantees independence and quality," according to the Federal Reserve. They "must also demonstrate whether the appraisal or evaluation report is true to the letter of engagement, which sets forth the extent of the appraisal assignment." Lastly, the Federal Reserve states that "some banks supplement periodic reviews with post-funding assessments of appraisal quality for a few of their higher-risk or higher-value transactions as a control to assist in discovering valuation concerns."
In addition to tailoring our work to the procedures and guidelines of our review clients, there are four Fannie Mae forms that are generally used for review services, and we'll develop an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. Here at DANIEL I KANDEL, we are trained in all types of appraisal reviews, review practices and the responsibilities of review appraisers.
DANIEL I KANDEL realizes what represents a quality appraisal and what the biggest imperfections are, particularly in our real estate market. At the same time, we are professional enough to recognize that the competitors in our market are capable of quality work. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can rely on DANIEL I KANDEL to ethically review appraisal reports done by others. And those others may be examining our work, too!
In short, here at DANIEL I KANDEL, you can be sure of our truthful judgment, because we offer professional, objective, ethical appraisal review services for our clients. Contact us regarding our qualifications, expertise and service offerings.