We specialize in:
We have done a number of retrospective and suspected fraud reviews in the Vance & West Blocton areas of Tuscaloosa and Bibb counties. This area has been hard hit with out of area appraisers that made deals work over the past several years. As a result, foreclosures are rampant and property values are plummeting.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 it's the responsibility of appraisers preparing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Simplified Appraisal provides appraisal review services that are objective, qualified, professional and in line with the Federal Reserve's rules.
A review appraisal should ascertain: whether the original appraisal or evaluation is pertinent for the transaction, the exposure inherit in the transaction, and whether the means by which the collateral valuation is attained ensures independence and quality. The review must also show whether the appraisal or evaluation report is true to the letter of engagement, which gives an account of the range of the appraisal assignment. The Fed goes on to say 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 customers, there are four Fannie Mae forms that are normally 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 Simplified Appraisal, we are skilled in every type of appraisal review, review process and the obligations of review appraisers.
We realize what represents a quality appraisal and what the most common deficiencies are, especially for reports in our local real estate market. In this regard, we're professional enough to identify that our competition in our market are able to do a fine job. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can count on us to objectively evaluate appraisal reports completed by others. And those others could be examining our work, too!
For professional, impartial, ethical appraisal review services and truthful judgments, you can depend on Simplified Appraisal. Contact us to learn more about our qualifications, expertise and service offerings.