The Federal Reserve has recently reiterated that "financial institutions must have an effective, independent real estate appraisal and evaluation program," and that appraisers performing reviews should "have the knowledge and expertise to assess compliance with the Federal Reserves appraisal regulations and guidelines." Here at Situs Appraisal Group, Inc., we provide appraisal review services that are independent, qualified, professional and square with the Federal Reserve's guidelines.
Appraisal reviews "should determine whether the appraisal or evaluation is appropriate for the transaction, the risk of the transaction, and whether the process by which the collateral valuation is obtained ensures independence and quality," the Fed says. They "should also indicate whether the appraisal or evaluation report is consistent with the engagement letter, which sets forth the scope of the appraisal assignment". The Fed 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 short, here at Situs Appraisal Group, Inc., you can rely on our independent judgment, because we offer professional, objective, ethical appraisal review services for our clients. Browse our website to learn more about our qualifications, expertise and services offered.