|
Appraisal Reviews by Jonathan Burke & AssociatesAs 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 it's the expectation of appraisers engaged in reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Here at Jonathan Burke & Associates, we provide appraisal review services that are independent, efficient, professional and square with the Federal Reserve's rules.A review appraisal should pursue: whether the original appraisal or evaluation is pertinent for the transaction, the liability inherit in the transaction, and whether the procedures by which the collateral valuation is obtained ensures independence and quality. In addition, they must announce whether the appraisal or evaluation report is compatible with the letter of engagement, which sets forth the scope of the appraisal assignment. Lastly, the Federal Reserve also states 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 adjusting our work to the forms and guidelines of our review customers, there are four Fannie Mae forms that are primarily used for review services, and we will formulate an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At Jonathan Burke & Associates, we're skilled in every type of appraisal review, review practice and the obligations of review appraisers.
You can trust Jonathan Burke & Associates for our truthful judgment, because we offer professional, unbiased, ethical appraisal review services for our clients. Contact us for more information about our qualifications, expertise and services offered. |
|||||||||
Jonathan Burke & Associates understands what represents a quality appraisal and what the most common defects are, especially when it comes to our local real estate market.
The professionals at Jonathan Burke & Associates are also adequately skilled to realize that the competition in our market are skillful in doing quality work.
The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can rely on Jonathan Burke & Associates to fairly look over appraisal reports performed by others. And those others might be examining our work, too!