Midwest Valuation, L.L.C. Appraisal ReviewsAs stated in an announcement by the Federal Reserve (click here), "financial institutions must have an effective, independent real estate appraisal and evaluation program" and that appraisers undertaking reviews must "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Midwest Valuation, L.L.C. provides appraisal review services that are objective, efficient, professional and in line with the Federal Reserve's rules.
The purpose of appraisal reviews are to ascertain: whether the original appraisal or evaluation is well-suited for the transaction, the liability inherit in the transaction, and whether the methods by which the collateral valuation is obtained guarantees independence and quality. They must also indicate whether the appraisal or evaluation report is consistent with the letter of engagement, which gives an account of the depth of the appraisal assignment. The Fed also goes on to say 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 conforming our work to the processes and guidelines of our review customers, there are four Fannie Mae forms that are largely 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. At Midwest Valuation, L.L.C., we are experienced in all kinds of appraisal reviews, review procedures and the responsibilities of review appraisers.
We're aware of what the most common report imperfections are, particularly in our real estate market, as well as what amounts to a quality appraisal. In the same sense, we are trained enough to acknowledge that the competition in our market are qualified to do a great job. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can count on Midwest Valuation, L.L.C. to ethically examine appraisal reports completed by others. And those others may be evaluating our work, too!
For professional, unbiased, ethical appraisal review services and neutral judgments, you can rely on Midwest Valuation, L.L.C.. Contact us to learn more about our qualifications, expertise and services offered.