Appraisal Reviews by Denton & Kennamer Appraisals, Inc.As 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 obligation of appraisers producing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." At Denton & Kennamer Appraisals, Inc., we provide appraisal review services that are impartial, efficient, professional and in line with the Federal Reserve's guidelines.
A review appraisal should ascertain: whether the original appraisal or evaluation is applicable for the transaction, the liability inherit in the transaction, and whether the means by which the property valuation is attained guarantees independence and quality. Moreover, they must show whether the appraisal or evaluation report is in line with the engagement letter, which gives an account of the scope of the appraisal assignment. The Federal Reserve also 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 adjusting our work to the processes and guidelines of our review customers, there are four Fannie Mae forms that are typically used for review services, and we can prepare an appraisal review on any one of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. Here at Denton & Kennamer Appraisals, Inc., we are experienced in every type of appraisal review, review process and the obligations of review appraisers.
We know what the most common reporting weaknesses are, specifically in our home market. We also know what makes a quality appraisal. In the same regard, we're amply trained to know that the competition in our market are capable of doing a great job. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can trust Denton & Kennamer Appraisals, Inc. to objectively valuate appraisal reports completed by others. And those others could be reviewing our work, too!
You can depend on Denton & Kennamer Appraisals, Inc. for our honest judgment, because we offer professional, objective, ethical appraisal review services for our clients. Contact us regarding our qualifications, expertise and service offerings.