The Federal Reserve has periodically reiterated that "financial institutions must have an effective, independent real estate appraisal and evaluation program," and that appraisers performing reviews should "have the knowledge and expertise to assess compliance with the Federal Reserves appraisal regulations and guidelines." Here at S.M. Davidson & Associates, we provide appraisal review services that are independent, timely, qualified, professional and current with the Federal Reserve's guidelines.
Appraisal reviews "should determine whether the appraisal or evaluation is appropriate for the transaction, the risk of the transaction, and whether the process by which the collateral valuation is obtained ensures independence and quality," the Fed says.They "should also indicate whether the appraisal or evaluation report is consistent with the engagement letter, which sets forth the scope of the appraisal assignment."The Fed 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 conforming our work to the guidelines of our review clients, there are two report types utilized for review services, and we can prepare an appraisal review on either of them. They include an appraisal "desk" review or a "field" review. Here at S.M. Davidson & Associates, we are experienced in all types of appraisal reviews, review procedures and the responsibilities of review appraisers.
We understand what makes a quality appraisal and what the most common deficiencies are in any given appraisal report. At the same time, we are professional enough to recognize that our competitors in our market are capable of doing a good job! The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can count on us to ethically evaluate appraisal reports performed by others. Those others may be reviewing our work, too! Current USPAP standards is publicly available through this Link.
In short, here at S.M. Davidson & Associates, you can rely on our independent judgment, because we offer professional, objective, ethical appraisal review services for our clients. Browse our website to learn more about our qualifications, expertise and services offered.