We can go out and check the subject and comps in a field review. Or, if you need it ASAP, we can
provide you with a desk review and verify as many facts as we can, using online data sources as well as our own files.
We can also provide you with a retrospective review of any appraisal report you may have in your possession. While typically requested by banks,
you may desire to use this service if you suspect mortgage fraud related to your house.
According to an announcement by the Federal Reserve, "financial institutions must have an effective, independent real estate appraisal and evaluation
program" and that it's the prudent for appraisers completing reviews to "have the knowledge and expertise to assess compliance with the Federal
Reserve's appraisal regulations and guidelines." Priority Appraisal provides appraisal review services that are unbiased, efficient, professional
and in line with the Federal Reserve's rules.
The purpose of appraisal reviews are to detect whether the original appraisal or evaluation is well-suited for the transaction, the exposure inherit
in the transaction, and whether the actions by which the real estate valuation is obtained guarantees independence and quality. Moreover, they should
signify whether the appraisal or evaluation report is consistent with the engagement letter, which sets forth the capacity of the appraisal assignment.
The Fed 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 procedures and guidelines of our review clients, there are four Fannie Mae forms that are largely used
for review services, and we can develop 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 Priority Appraisal, LLC, we're experienced in all types of appraisal reviews, review processes and the obligations
of review appraisers.
We know what the most prevalent reporting defects are, particularly in our real estate market. We also know what constitutes a quality appraisal.
The professionals at Priority Appraisal are also amply skilled to distinguish that our competitors in our market are able to do good work. The
Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can trust Priority
Appraisal to fairly evaluate appraisal reports completed by others. And those others could be examining our work, too!
For professional, fair, ethical appraisal review services and neutral judgments, you can rely on Priority Appraisal.