Appraisal Reviews by Teton Appraisals & Consulting, Inc.As 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 it's the duty of appraisers producing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Here at Teton Appraisals & Consulting, Inc., we provide appraisal review services that are impartial, efficient, professional and square with the Federal Reserve's regulations.
A review appraisal has to pursue: whether the original appraisal or evaluation is appropriate for the transaction, the risk inherit in the transaction, and whether the procedure by which the property valuation is acquired ensures independence and quality. They should also announce whether the appraisal or evaluation report is in line with the letter of engagement, which describes the reach of the appraisal assignment. The Federal Reserve states 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 coordinating our work to the practices and guidelines of our review customers, there are four Fannie Mae forms that are normally used for review services, and we'll 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 Teton Appraisals & Consulting, Inc., we're experienced in all kinds of appraisal reviews, review procedures and the responsibilities of review appraisers.
We are familiar with what amounts to a quality appraisal and what the most prevalent imperfections are, especially for reports in our home market. The professionals at Teton Appraisals & Consulting, Inc. are also skilled enough to respect that our competitors in our market are qualified 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 valuate appraisal reports executed by others. And those others might be examining our work, too!
Here at Teton Appraisals & Consulting, Inc., you can trust our independent judgment, because we offer professional, impartial, ethical appraisal review services for our customers. Contact us for more information about our qualifications, expertise and services offered.