Qualified Appraisal Reviews by Mojgan ScheidlerAs 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 it's the duty of appraisers preparing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." At Mojgan Scheidler, we provide appraisal review services that are impartial, efficient, professional and in line with the Federal Reserve's regulations.
The purpose of appraisal reviews are to find out: whether the original appraisal or evaluation is suitable for the transaction, the liability inherit in the transaction, and whether the methods by which the property valuation is accomplished ensures independence and quality. The review must also indicate whether the appraisal or evaluation report is in line with the engagement letter, which sets forth the extent of the appraisal assignment. The Federal Reserve 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 tailoring our work to the procedures and guidelines of our review customers, there are four Fannie Mae forms that are usually used for review services, and we'll produce an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At Mojgan Scheidler, we're qualified in all kinds of appraisal reviews, review processes and the obligations of review appraisers.
Mojgan Scheidler realizes what constitutes a quality appraisal and what the most prevalent defects are, especially in our local real estate market. The professionals at Mojgan Scheidler are also trained enough to realize that our competitors in our market are capable of a good job. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can rely on us to justly look over appraisal reports carried out by others. And those others could be examining our work, too!
You can rely on Mojgan Scheidler for our neutral judgment, because we offer professional, unbiased, ethical appraisal review services for our customers. Contact us for more information about our qualifications, expertise and service offerings.