Appraisal Reviews by Bailey Valuation and ConsultingAccording to a statement by the Federal Reserve (click here), "financial institutions must have an effective, independent real estate appraisal and evaluation program" and that it's the duty of appraisers performing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Here at Bailey Valuation and Consulting, we provide appraisal review services that are impartial, qualified, professional and compliant with the Federal Reserve's guidelines.
A review appraisal should find out: whether the original appraisal or evaluation is appropriate for the transaction, the exposure inherit in the transaction, and whether the manner by which the property valuation is accomplished ensures independence and quality. The review must also show whether the appraisal or evaluation report is in line with the engagement letter, which sets forth the reach of the appraisal assignment. The Federal Reserve states 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 regulations and guidelines of our review customers, there are four Fannie Mae forms that are typically used for review services, and we can 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 Bailey Valuation and Consulting, we're qualified in every type of appraisal review, review procedure and the obligations of review appraisers.
We know what the greatest reporting weaknesses are, particularly in our home market. We also know what makes a quality appraisal. In this regard, we are sufficiently experienced to respect that our competition in our market are capable of a good job. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can rely on Bailey Valuation and Consulting to lawfully study appraisal reports done by others. And those others may be evaluating our work, too!
At Bailey Valuation and Consulting, you can count on our honest judgment, because we offer professional, impartial, ethical appraisal review services for our customers. Contact Bailey Valuation and Consulting regarding our qualifications, expertise and service offerings.