Appraisal Reviews by Royalty Appraisals Inc.As 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 it's the responsibility of appraisers preparing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Royalty Appraisals Inc. provides appraisal review services that are objective, qualified, professional and compliant with the Federal Reserve's guidelines.
The purpose of appraisal reviews are to determine: whether the original appraisal or evaluation is well-suited for the transaction, the risk inherit in the transaction, and whether the practices by which the real estate valuation is obtained guarantees independence and quality. Moreover, they should denote whether the appraisal or evaluation report is consistent with the engagement letter, which describes the capacity of the appraisal assignment. The Fed 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 adapting our work to the practices and guidelines of our review customers, there are four Fannie Mae forms that are largely used for review services, and we can prepare 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 Royalty Appraisals Inc., we are experienced in all types of appraisal reviews, review procedures and the responsibilities of review appraisers.
We are aware of what the most frequent reporting inadequacies are, especially in our housing market. We also know what makes a quality appraisal. Concurrently, we are adequately skilled to distinguish that the competitors in our market are skillful in doing quality work. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can count on Royalty Appraisals Inc. to fairly evaluate appraisal reports done by others. And those others could be examining our work, too!
In short, at Royalty Appraisals Inc., you can trust our neutral judgment, because we offer professional, objective, ethical appraisal review services for our customers. Contact us for more information about our qualifications, expertise and services offered.