Savvy Appraisal Reviews with Mary Kay MoloneyAs 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 appraisers performing reviews should "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Mary Kay Moloney provides appraisal review services that are independent, qualified, professional and compliant with the Federal Reserve's rules.
A review appraisal should pursue: whether the original appraisal or evaluation is relevant for the transaction, the risk inherit in the transaction, and whether the practices by which the real estate valuation is accomplished guarantees independence and quality. They should also indicate whether the appraisal or evaluation report matches the engagement letter, which gives an account of the range of the appraisal assignment. Lastly, the Fed 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 adapting our work to the practices and guidelines of our review clients, there are four Fannie Mae forms that are primarily used for review services, and we'll produce 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 Mary Kay Moloney, we're qualified in every form of appraisal review, review procedure and the responsibilities of review appraisers.
We know what the typical report imperfections are, especially in our real estate market, as well as what represents a quality appraisal. We're also skilled enough to respect that the competitors in our market are capable of good work. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can count on us to ethically assess appraisal reports completed by others. And those others might be reviewing our work, too!
You can count on Mary Kay Moloney for our truthful judgment, because we offer professional, impartial, ethical appraisal review services for our clients. Contact us to learn more about our qualifications, expertise and services offered.