Taggart and Associates, Inc. Appraisal Reviews
As 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 doing reviews have to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Taggart and Associates, Inc. provides appraisal review services that are unbiased, efficient, professional and in line with the Federal Reserve's rules.
If you're in the need of a real estate appraisal review or have questions regarding an appraisal, call Taggart and Associates, Inc. today.
A review appraisal should ascertain: whether the original appraisal or evaluation is well-suited for the transaction, the exposure inherit in the transaction, and whether the means by which the real estate valuation is acquired ensures independence, accuracy, and quality. Moreover, they must show whether the appraisal or evaluation report is in line with the scope of work for the appraisal assignment. The Federal Reserve 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 processes and guidelines of our review customers, there are four Fannie Mae forms that are largely used for review services, and we will produce an appraisal review on any one of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At Taggart and Associates, Inc. , we're experienced in every form of appraisal review, review process and the responsibilities of review appraisers. In legal situations we are often requested to review another appraisal to check for accuracy and bias.
We understand what the typical report weaknesses are, specifically in our housing market, as well as what makes a quality appraisal. At the same time, the professionals at Taggart and Associates, Inc. are sufficiently experienced to know that our competitors in our market are skillful in doing a great job. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can count on us to lawfully review appraisal reports done by others. And those others may be studying our work, too!
You can rely on Taggart and Associates, Inc. for our independent judgment, because we offer professional, unbiased, ethical appraisal review services for our customers. Contact Taggart and Associates, Inc. for more information about our qualifications, expertise and service offerings.