Experienced Appraisal Reviews with The Richards Group, Inc.As stated 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 doing reviews should "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." The Richards Group, Inc. provides appraisal review services that are unbiased, qualified, professional and compliant with the Federal Reserve's rules.
A review appraisal should detect: whether the original appraisal or evaluation is pertinent for the transaction, the risk inherit in the transaction, and whether the manner by which the real estate valuation is rendered guarantees independence and quality. Moreover, they should denote whether the appraisal or evaluation report matches the engagement letter, which describes the extent of the appraisal assignment. Lastly, the Fed 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 coordinating our work to the practices and guidelines of our review clients, there are four Fannie Mae forms that are usually 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. At The Richards Group, Inc., we're trained in all types of appraisal reviews, review procedures and the responsibilities of review appraisers.
We realize what the typical report inadequacies are, particularly in our real estate market, as well as what constitutes a quality appraisal. In the same sense, we're adequately skilled to realize that the competitors in our market are capable of doing quality work. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can rely on us to fairly examine appraisal reports completed by others. And those others could be evaluating our work, too!
In short, at The Richards Group, Inc., you can trust our truthful 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.