Maxwell Appraisal Services Appraisal ReviewsAccording 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 undertaking reviews are compelled to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Here at Maxwell Appraisal Services, we provide appraisal review services that are impartial, qualified, professional and compliant with the Federal Reserve's rules.
The purpose of appraisal reviews are to determine: whether the original appraisal or evaluation is appropriate for the transaction, the exposure inherit in the transaction, and whether the actions by which the property valuation is attained ensures independence and quality. The review must also denote whether the appraisal or evaluation report is consistent with the letter of engagement, which describes the range of the appraisal assignment. Lastly, the Federal Reserve also states 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 adjusting our work to the regulations and guidelines of our review customers, there are four Fannie Mae forms that are usually used for review services, and we can produce an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At Maxwell Appraisal Services, we're trained in every kind of appraisal review, review practice and the requirements of review appraisers.
Maxwell Appraisal Services is aware of what the most common reporting deficiencies are, particularly in our home market. We also understand what amounts to a quality appraisal. In the same regard, the professionals at Maxwell Appraisal Services are adequately skilled to acknowledge that the competition in our market are capable of a good job. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can rely on Maxwell Appraisal Services to lawfully assess appraisal reports completed by others. And those others may be examining our work, too!
In short, at Maxwell Appraisal Services, you can trust our independent judgment, because we offer professional, fair, ethical appraisal review services for our clients. Contact us for more information about our qualifications, expertise and services offered.