Complete Appraisal Reviews with Skylight EvaluationsAccording to an announcement by the Federal Reserve (click here), "financial institutions must have an effective, independent real estate appraisal and evaluation program" and that it's the prudent for appraisers undertaking reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Skylight Evaluations provides appraisal review services that are unbiased, efficient, professional and in accordance with the Federal Reserve's regulations.
A review appraisal has to find out: whether the original appraisal or evaluation is appropriate for the transaction, the exposure inherit in the transaction, and whether the processes by which the property valuation is obtained guarantees independence and quality. The review must also announce whether the appraisal or evaluation report is compatible with the letter of engagement, which gives an account of the scope of the appraisal assignment. Lastly, the Fed goes on to say 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 mostly used for review services, and we will 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 Skylight Evaluations, we are experienced in every form of appraisal review, review procedure and the responsibilities of review appraisers.
We realize what the biggest reporting imperfections are, specifically in our real estate market. We also understand what represents a quality appraisal. In the same sense, we're skilled enough to admit that our competition in our market are skillful in doing a fine job. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can rely on us to ethically assess appraisal reports carried out by others. And those others might be examining our work, too!
For professional, fair, ethical appraisal review services and honest judgments, you can depend on Skylight Evaluations. Contact Skylight Evaluations regarding our qualifications, expertise and service offerings.