Appraisal Reviews by Brent Turney Inc.As said in a statement by the Federal Reserve (click here), "financial institutions must have an effective, independent real estate appraisal and evaluation program" and that appraisers undertaking reviews must "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Brent Turney Inc. provides appraisal review services that are independent, expert, professional and in line with the Federal Reserve's guidelines.
A review appraisal has to ascertain: whether the original appraisal or evaluation is appropriate for the transaction, the risk inherit in the transaction, and whether the methods by which the collateral valuation is obtained guarantees independence and quality. In addition, they must signify whether the appraisal or evaluation report is compatible with the letter of engagement, which describes the outlook of the appraisal assignment. 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 conforming our work to the practices and guidelines of our review customers, there are four Fannie Mae forms that are primarily used for review services, and we will 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 Brent Turney Inc., we are trained in every kind of appraisal review, review procedure and the obligations of review appraisers.
We are aware of what the most prevalent reporting deficiencies are, especially in our home market. We also understand what represents a quality appraisal. The professionals at Brent Turney Inc. are also skilled enough to know that our competitors in our market are capable of doing good work. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can trust us to justly review appraisal reports completed by others. And those others might be reviewing our work, too!
For professional, fair, ethical appraisal review services and honest judgments, you can count on Brent Turney Inc.. Contact Brent Turney Inc. regarding our qualifications, expertise and service offerings.