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Appraisal Reviews by Michelle KroitzshAs 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 appraisers preparing reviews ought to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Michelle Kroitzsh provides appraisal review services that are objective, efficient, professional and in line with the Federal Reserve's regulations.The purpose of appraisal reviews are to reveal: whether the original appraisal or evaluation is suitable for the transaction, the exposure inherit in the transaction, and whether the process by which the property valuation is obtained guarantees independence and quality. They should also denote whether the appraisal or evaluation report is compatible with the engagement letter, which describes the range of the appraisal assignment. Lastly, the Fed also says 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 procedures and guidelines of our review customers, there are four Fannie Mae forms that are primarily used for review services, and we will formulate 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 Michelle Kroitzsh, we're trained in all forms of appraisal reviews, review processes and the responsibilities of review appraisers.
For professional, objective, ethical appraisal review services and independent judgments, you can count on Michelle Kroitzsh. Contact us regarding our qualifications, expertise and services offered. |
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Michelle Kroitzsh understands what amounts to a quality appraisal and what the biggest deficiencies are, particularly when it comes to our local real estate market.
In the same regard, we are professional enough to respect that our competitors in our market are able to do a fine job.
The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can rely on us to justly examine appraisal reports completed by others. And those others may be studying our work, too!