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Appraisal Reviews by Lattimore & AssociatesAccording to a statement 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 should "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." At Lattimore & Associates, we provide appraisal review services that are independent, expert, professional and square with the Federal Reserve's rules.The purpose of appraisal reviews are to ascertain: whether the original appraisal or evaluation is relevant for the transaction, the liability inherit in the transaction, and whether the practices by which the real estate valuation is obtained guarantees independence and quality. The review must also demonstrate whether the appraisal or evaluation report is compatible with the letter of engagement, which gives an account of the range of the appraisal assignment. Lastly, the Federal Reserve 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 coordinating our work to the processes and guidelines of our review clients, 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. At Lattimore & Associates, we're qualified in all types of appraisal reviews, review procedures and the obligations of review appraisers.
Here at Lattimore & Associates, you can have confidence in our truthful judgment, because we offer professional, unbiased, ethical appraisal review services for our customers. Contact us to learn more about our qualifications, expertise and service offerings. |
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Lattimore & Associates understands what makes a quality appraisal and what the most prevalent errors are, particularly for reports in our home market.
In this regard, we're adequately skilled to recognize that the competition in our market are qualified to do a great job.
The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can trust us to objectively evaluate appraisal reports executed by others. And those others could be evaluating our work, too!