Qualified Appraisal Reviews by Bedinotti 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 doing reviews ought to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." At Bedinotti Associates, we provide appraisal review services that are impartial, qualified, professional and compliant with the Federal Reserve's rules.
A review appraisal has to determine: whether the original appraisal or evaluation is appropriate for the transaction, the liability inherit in the transaction, and whether the practices by which the collateral valuation is obtained ensures independence and quality. In addition, they should indicate whether the appraisal or evaluation report is compatible with the letter of engagement, which describes the scope of the appraisal assignment. Lastly, the Federal Reserve says 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 clients, there are four Fannie Mae forms that are mostly used for review services, and we can prepare 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 Bedinotti Associates, we're qualified in every form of appraisal review, review practice and the responsibilities of review appraisers.
We know what amounts to a quality appraisal and what the most prevalent inadequacies are, specifically when it comes to our local real estate market. Concurrently, we're skilled enough to distinguish that our competitors in our market are qualified to do a fine job. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can rely on us to lawfully examine appraisal reports executed by others. And those others may be evaluating our work, too!
Here at Bedinotti Associates, you can rely on our independent judgment, because we offer professional, objective, ethical appraisal review services for our clients. Contact Bedinotti Associates for more information about our qualifications, expertise and service offerings.