Appraisal Reviews by Molinaro 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 it's the call of appraisers producing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Molinaro Associates provides appraisal review services that are independent, qualified, professional and in line with the Federal Reserve's regulations.
The purpose of appraisal reviews are to verify: whether the original appraisal or evaluation is pertinent for the transaction, the exposure inherit in the transaction, and whether the manners by which the property valuation is attained guarantees independence and quality. They should also signify whether the appraisal or evaluation report matches the engagement letter, which sets forth the extent of the appraisal assignment. Lastly, the Fed 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 adapting our work to the regulations and guidelines of our review clients, there are four Fannie Mae forms that are mostly used for review services, and we'll formulate an appraisal review on any one of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. Here at Molinaro Associates, we're skilled in all forms of appraisal reviews, review procedures and the responsibilities of review appraisers.
We are aware of what represents a quality appraisal and what the most common defects are, especially for reports in our local real estate market. The professionals at Molinaro Associates are also amply experienced to distinguish that our competition in our market are capable of a fine job. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can trust us to justly valuate appraisal reports completed by others. And those others may be reviewing our work, too!
At Molinaro Associates, you can rely on our independent judgment, because we offer professional, objective, ethical appraisal review services for our clients. Contact us to learn more about our qualifications, expertise and service offerings.