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Savvy Appraisal Reviews with Gregory James Company, Inc.As said in a statement by the Federal Reserve (click here), "financial institutions must have an effective, independent real estate appraisal and evaluation program" and that it's the expectation of appraisers performing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." At Gregory James Company, Inc., we provide appraisal review services that are objective, efficient, professional and square 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 liability inherit in the transaction, and whether the method by which the real estate valuation is obtained ensures independence and quality. They should also denote whether the appraisal or evaluation report is consistent with the engagement letter, which describes the scope of the appraisal assignment. Lastly, the Federal Reserve 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 adjusting our work to the forms and guidelines of our review customers, there are four Fannie Mae forms that are normally used for review services, and we'll 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. At Gregory James Company, Inc., we're trained in every type of appraisal review, review procedure and the requirements of review appraisers.
 Gregory James Company, Inc. is aware of what the most likely report inadequacies are, especially in our real estate market, as well as what makes a quality appraisal. Concurrently, we're proficient enough to distinguish that the competitors in our market are qualified to do good work. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can trust us to lawfully look over appraisal reports completed by others. And those others may be evaluating our work, too!
For professional, objective, ethical appraisal review services and independent judgments, you can depend on Gregory James Company, Inc.. Contact us regarding our qualifications, expertise and services offered.
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