Competent Appraisal Reviews by T.R. Moore & Associates, Inc.As said in an announcement by the Federal Reserve (click here), "financial institutions must have an effective, independent real estate appraisal and evaluation program" and that it's the expectation of appraisers completing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." At T.R. Moore & Associates, Inc., we provide appraisal review services that are independent, expert, professional and square with the Federal Reserve's guidelines.
A review appraisal should determine: whether the original appraisal or evaluation is appropriate for the transaction, the exposure inherit in the transaction, and whether the processes by which the property valuation is accomplished guarantees independence and quality. In addition, they should signify whether the appraisal or evaluation report is compatible with the letter of engagement, which gives an account of the range of the appraisal assignment. Lastly, the Fed 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 adapting our work to the regulations and guidelines of our review customers, there are four Fannie Mae forms that are generally used for review services, and we'll produce 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 T.R. Moore & Associates, Inc., we are trained in every type of appraisal review, review practice and the obligations of review appraisers.
We are aware of what the most frequent reporting imperfections are, particularly in our home market. We also know what amounts to a quality appraisal. We're also amply trained to recognize that the competitors in our market are qualified to do a great job. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can count on us to lawfully look over appraisal reports done by others. And those others might be studying our work, too!
At T.R. Moore & Associates, Inc., you can have confidence in our honest judgment, because we offer professional, impartial, ethical appraisal review services for our clients. Contact us for more information regarding our qualifications, expertise and service offerings.