rightReal Estate Appraisal reviews

The Federal Reserve System (a/k/a the Federal Reserve System or simply just the "Feds") has relatively recently reiterated that "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 Reserves appraisal regulations and guidelines." Here at Truex Appraisal Services, LLC and Truex Residential Appraisers, Inc., we provide appraisal review services that are independent, qualified, professional and conventional with the Federal Reserve's guidelines.

Appraisal reviews "should determine whether the appraisal report is appropriate for the transaction, the risk of the transaction, and whether the process by which the collateral valuation is obtained ensures independence and quality" the Fed says.  They "should also indicate whether the appraisal or evaluation report is consistent with the engagement letter, which sets forth the scope of the appraisal assignment."  The Fed also notes 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 forms and guidelines of our review clients, there are four (4) Fannie Mae forms that are generally used for residential real estate appraisal review services, and we can prepare an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form.  Here at Truex Appraisal Services, LLC, we are experienced in all types of appraisal reviews, review procedures and the responsibilities of review appraisers. 

 

left We understand what makes a quality appraisal report and what the most common deficiencies are, especially in our local Indiana market. At the same time, we are professional enough to recognize that many of our competitors in our market are capable of doing a good job! The Uniform Standards of Professional Appraisal Practice (USPAP) govern both appraisal reviews and appraisal reports, and you can count on us to ethically evaluate appraisal reports performed by others. Those other appraisers may be reviewing our work, too! 

 

In short, here at Truex Residential Appraisers, Inc. and Truex Appraisal Services, LLC, you can rely on our complete and independent judgment, because we offer professional, objective, and ethical appraisal review services for our clients.  Browse our website to learn more about our qualifications, expertise, and services offered.  Please contact us with any questions.