Experienced Appraisal Reviews by Cooper Appraisal Company, 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 engaged in reviews must "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Here at Cooper Appraisal Company, Inc., we provide appraisal review services that are unbiased, qualified, professional and compliant with the Federal Reserve's rules.
The purpose of appraisal reviews are to determine: whether the original appraisal or evaluation is pertinent for the transaction, the exposure inherit in the transaction, and whether the procedures by which the property valuation is obtained ensures independence and quality. Moreover, they must demonstrate whether the appraisal or evaluation report is compatible with the engagement letter, which gives an account of the range of the appraisal assignment. Lastly, the Federal Reserve 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 adapting our work to the forms and guidelines of our review clients, there are four Fannie Mae forms that are normally 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 Cooper Appraisal Company, Inc., we're trained in every type of appraisal review, review procedure and the requirements of review appraisers.
We know what the biggest reporting defects are, particularly in our home market. We also know what represents a quality appraisal. In this regard, we are experienced enough to admit that our competition in our market are able to do quality work. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can rely on us to lawfully evaluate appraisal reports completed by others. And those others could be examining our work, too!
At Cooper Appraisal Company, Inc., you can count on our independent judgment, because we offer professional, impartial, ethical appraisal review services for our customers. Contact us regarding our qualifications, expertise and service offerings.