|
Appraisal Reviews by Glenn BrightAccording to 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 obligation of appraisers preparing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Glenn Bright provides appraisal review services that are independent, efficient, professional and in accordance with the Federal Reserve's regulations.A review appraisal should determine: whether the original appraisal or evaluation is suitable for the transaction, the liability inherit in the transaction, and whether the process by which the collateral valuation is attained ensures independence and quality. They should also signify whether the appraisal or evaluation report matches the engagement letter, which describes the reach 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 addition to conforming our work to the procedures and guidelines of our review customers, there are four Fannie Mae forms that are primarily used for review services, and we can 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 Glenn Bright, we're skilled in all types of appraisal reviews, review practices and the obligations of review appraisers.
For professional, unbiased, ethical appraisal review services and truthful judgments, you can rely on Glenn Bright. Contact Glenn Bright for more information regarding our qualifications, expertise and services offered. |
|||||||||
Glenn Bright understands what the greatest reporting deficiencies are, especially in our real estate market. We also know what makes a quality appraisal.
We're also trained enough to know that the competitors in our market are skillful in doing quality work.
The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can trust Glenn Bright to objectively look over appraisal reports completed by others. And those others could be reviewing our work, too!