Complete Appraisal Reviews by Kent Taylor & AssociatesAs 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 are compelled to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." At Kent Taylor & Associates, we provide appraisal review services that are impartial, qualified, professional and compliant with the Federal Reserve's rules.
The purpose of appraisal reviews are to find out: whether the original appraisal or evaluation is fitting for the transaction, the exposure inherit in the transaction, and whether the practices by which the collateral valuation is attained guarantees independence and quality. The review should also announce whether the appraisal or evaluation report is in line with the letter of engagement, which describes the depth of the appraisal assignment. Lastly, the Federal Reserve also 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 adjusting our work to the procedures and guidelines of our review customers, there are four Fannie Mae forms that are primarily used for review services, and we will produce an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At Kent Taylor & Associates, we're qualified in all forms of appraisal reviews, review practices and the obligations of review appraisers.
Kent Taylor & Associates realizes what the biggest reporting weaknesses are, especially in our housing market. We also understand what represents a quality appraisal. We're also skilled enough to admit that the competition in our market are capable of good work. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can trust Kent Taylor & Associates to ethically examine appraisal reports performed by others. And those others might be examining our work, too!
For professional, fair, ethical appraisal review services and honest judgments, you can count on Kent Taylor & Associates. Contact us to learn more about our qualifications, expertise and services offered.