Appraisal Reviews by McCanham & Associates, LLC
As stated in an announcement by the Federal Reserve, "financial institutions are required to have effective, independent real estate appraisal and evaluation plans," and that appraisers completing reviews ought to "have the ability and skills to assess compliance with the Federal Reserves appraisal rules and guidelines." Here at McCanham & Associates, LLC, we provide appraisal review services that are unbiased, expert, professional and square with the Federal Reserve's guidelines.
If you have questions in reference to an appraisal, or if you're in the need of a real estate appraisal review, contact us today.
The Federal Reserve says appraisal reviews "have to decide whether the appraisal or evaluation is suitable for the transaction, the risk of the transaction, and whether the methods by which the collateral valuation is acquired ensures independence and quality." They "must also signify whether the appraisal or evaluation report is consistent with the engagement letter, which sets forth the scope of the appraisal assignment." Last, The Federal Reserve notes that "some financial institutions add regular reviews with post-funding evaluations of appraisal quality for a few of their high-risk or high-value contracts as a way to aid in addressing valuation disputes."
In addition to adapting our work to the forms 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 of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. Here at McCanham & Associates, LLC, we're trained in all kinds of appraisal reviews, review procedures and the requirements of review appraisers.
We're aware of what the biggest deficiencies are, specifically in our real estate market, as well as what represents a quality appraisal. In this regard, we're sufficiently trained to realize that the competitors in our market are capable of doing good work. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can count on us to justly review appraisal reports completed by others. And those others may be reviewing our work, too!
For professional, unbiased, ethical appraisal review services and truthful judgments, you can count on McCanham & Associates, LLC. Contact us to learn more about our qualifications, expertise and services offered.