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Appraisal Reviews with Cobian Appraisal GroupAs stated in 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 obligation of appraisers undertaking reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Here at Cobian Appraisal Group, we provide appraisal review services that are impartial, qualified, professional and square with the Federal Reserve's guidelines.The purpose of appraisal reviews are to find out: whether the original appraisal or evaluation is relevant for the transaction, the liability inherit in the transaction, and whether the manners by which the collateral valuation is accomplished ensures independence and quality. They must also signify whether the appraisal or evaluation report is consistent with the engagement letter, which describes the extent of the appraisal assignment. 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 conforming our work to the processes and guidelines of our review clients, there are four Fannie Mae forms that are generally used for review services, and we can 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 Cobian Appraisal Group, we're skilled in all kinds of appraisal reviews, review practices and the obligations of review appraisers.
In short, when you choose Cobian Appraisal Group, you can trust our independent judgment, because we offer professional, impartial, ethical appraisal review services for our customers. Contact Cobian Appraisal Group to learn more about our qualifications, expertise and service offerings. |
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We understand what amounts to a quality appraisal and what the greatest imperfections are, specifically for reports in our local housing market.
At the same time, we are trained enough to identify that our competitors in our market are capable of doing quality work.
The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can trust us to ethically study appraisal reports carried out by others. And those others could be studying our work, too!