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Skilled Appraisal Reviews by Devin WilkinsAccording 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 preparing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." At Devin Wilkins, we provide appraisal review services that are objective, qualified, professional and in line with the Federal Reserve's rules.The purpose of appraisal reviews are to detect: whether the original appraisal or evaluation is well-suited for the transaction, the liability inherit in the transaction, and whether the procedures by which the property valuation is accomplished ensures independence and quality. The review should also demonstrate whether the appraisal or evaluation report is compatible with the engagement letter, which describes the reach of the appraisal assignment. The Fed goes on to say 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 forms and guidelines of our review clients, there are four Fannie Mae forms that are largely 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 Devin Wilkins, we're trained in every type of appraisal review, review process and the obligations of review appraisers.
For professional, fair, ethical appraisal review services and truthful judgments, you can depend on Devin Wilkins. Contact Devin Wilkins for more information about our qualifications, expertise and service offerings. |
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Devin Wilkins knows what the most likely report inadequacies are, specifically in our real estate market, as well as what amounts to a quality appraisal.
At the same time, we are proficient enough to realize that our competitors in our market are capable of doing a fine job.
The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can rely on Devin Wilkins to ethically study appraisal reports completed by others. And those others could be studying our work, too!