Savvy Appraisal Reviews by Lightspeed 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 appraisers engaged in reviews have to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." At Lightspeed Appraisal Group, we provide appraisal review services that are unbiased, expert, professional and in line with the Federal Reserve's regulations.
A review appraisal has to reveal: whether the original appraisal or evaluation is well-suited for the transaction, the liability inherit in the transaction, and whether the methods by which the property valuation is acquired ensures independence and quality. The review must also demonstrate whether the appraisal or evaluation report is consistent with the engagement letter, which gives an account of the scope of the appraisal assignment. The Federal Reserve also 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 procedures and guidelines of our review clients, there are four Fannie Mae forms that are largely used for review services, and we'll develop 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 Lightspeed Appraisal Group, we're experienced in every type of appraisal review, review process and the obligations of review appraisers.
We are familiar with what the greatest reporting deficiencies are, especially in our home market. We also understand what amounts to a quality appraisal. The professionals at Lightspeed Appraisal Group are also experienced enough to know that the competitors in our market are capable of a fine job. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can rely on us to justly look over appraisal reports performed by others. And those others might be studying our work, too!
For professional, unbiased, ethical appraisal review services and truthful judgments, you can count on Lightspeed Appraisal Group. Contact Lightspeed Appraisal Group to learn more about our qualifications, expertise and services offered.