Appraisal Reviews with JKS Appraisal Services, Inc.According to an announcement by the Federal Reserve (click here), "financial institutions must have an effective, independent real estate appraisal and evaluation program" and that appraisers completing reviews are obligated to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." At JKS Appraisal Services, Inc., we provide appraisal review services that are independent, efficient, professional and in line with the Federal Reserve's regulations.
The purpose of appraisal reviews are to verify: whether the original appraisal or evaluation is suitable for the transaction, the exposure inherit in the transaction, and whether the practices by which the collateral valuation is attained guarantees independence and quality. In addition, they should demonstrate whether the appraisal or evaluation report is consistent with the letter of engagement, which gives an account of the range of the appraisal assignment. Lastly, the Federal Reserve 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 procedures and guidelines of our review customers, there are four Fannie Mae forms that are primarily used for review services, and we can develop an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At JKS Appraisal Services, Inc., we're qualified in all forms of appraisal reviews, review processes and the responsibilities of review appraisers.
JKS Appraisal Services, Inc. is aware of what represents a quality appraisal and what the greatest defects are, specifically for reports in our home market. In the same regard, the professionals at JKS Appraisal Services, Inc. are amply experienced to acknowledge that our competitors in our market are qualified to do good work. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can rely on JKS Appraisal Services, Inc. to ethically valuate appraisal reports completed by others. And those others might be evaluating our work, too!
In short, at JKS Appraisal Services, Inc., you can be sure of our neutral judgment, because we offer professional, fair, ethical appraisal review services for our customers. Contact us for more information regarding our qualifications, expertise and service offerings.