Madison Laine Assoc Inc Appraisal ReviewsAccording to an announcement by the Federal Reserve (click here), "financial institutions must have an effective, independent real estate appraisal and evaluation program" and that appraisers completing reviews are obligated to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Here at Madison Laine Assoc Inc, we provide appraisal review services that are impartial, efficient, professional and in accordance with the Federal Reserve's guidelines.
A review appraisal should reveal: whether the original appraisal or evaluation is applicable for the transaction, the risk inherit in the transaction, and whether the means by which the property valuation is attained ensures independence and quality. In addition, they must indicate whether the appraisal or evaluation report is true to the letter of engagement, which gives an account of the extent of the appraisal assignment. Lastly, the Fed 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 coordinating our work to the regulations and guidelines of our review clients, there are four Fannie Mae forms that are mostly used for review services, and we'll prepare 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 Madison Laine Assoc Inc, we're experienced in every form of appraisal review, review practice and the requirements of review appraisers.
Madison Laine Assoc Inc is aware of what amounts to a quality appraisal and what the most common inadequacies are, especially in our local housing market. The professionals at Madison Laine Assoc Inc are also amply trained to respect that our competition in our market are able to do a good job. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can rely on Madison Laine Assoc Inc to ethically assess appraisal reports carried out by others. And those others might be studying our work, too!
You can count on Madison Laine Assoc Inc for our honest judgment, because we offer professional, fair, ethical appraisal review services for our clients. Contact us regarding our qualifications, expertise and service offerings.