|
Appraisal Reviews with Skip Ogle and AssociatesAs 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 completing reviews are obligated to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Skip Ogle and Associates provides appraisal review services that are independent, efficient, professional and in accordance with the Federal Reserve's rules.The purpose of appraisal reviews are to find out: whether the original appraisal or evaluation is suitable for the transaction, the risk inherit in the transaction, and whether the methods by which the property valuation is accomplished ensures independence and quality. The review should also signify whether the appraisal or evaluation report is compatible with the engagement letter, which gives an account of the scope of the appraisal assignment. Lastly, the Federal Reserve 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 clients, there are four Fannie Mae forms that are largely 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 Skip Ogle and Associates, we are qualified in every type of appraisal review, review practice and the requirements of review appraisers.
In short, here at Skip Ogle and Associates, you can trust our neutral judgment, because we offer professional, objective, ethical appraisal review services for our customers. Contact Skip Ogle and Associates regarding our qualifications, expertise and service offerings. |
|||||||||
We're aware of what the most frequent report weaknesses are, particularly in our home market, as well as what constitutes a quality appraisal.
In the same sense, we're adequately experienced to acknowledge that our competitors in our market are capable of good work.
The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can count on us to justly examine appraisal reports done by others. And those others might be reviewing our work, too!