Bloom Appraisers, Inc. 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 it's the call of appraisers performing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." At Bloom Appraisers, Inc., we provide appraisal review services that are unbiased, qualified, professional and compliant with the Federal Reserve's guidelines.
A review appraisal should detect: whether the original appraisal or evaluation is applicable for the transaction, the liability inherit in the transaction, and whether the process by which the real estate valuation is acquired guarantees independence and quality. They should also denote whether the appraisal or evaluation report is consistent with the letter of engagement, which describes the extent of the appraisal assignment. Lastly, the Federal Reserve 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 addition to adjusting our work to the processes and guidelines of our review clients, there are four Fannie Mae forms that are largely used for review services, and we will 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. At Bloom Appraisers, Inc., we're skilled in every type of appraisal review, review procedure and the responsibilities of review appraisers.
We realize what the most prevalent report imperfections are, specifically in our real estate market, as well as what represents a quality appraisal. Concurrently, we are professional enough to respect that the competitors in our market are qualified to do good work. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can trust Bloom Appraisers, Inc. to lawfully examine appraisal reports carried out by others. And those others might be reviewing our work, too!
At Bloom Appraisers, Inc., you can rely on our truthful judgment, because we offer professional, objective, ethical appraisal review services for our clients. Contact Bloom Appraisers, Inc. to learn more about our qualifications, expertise and services offered.