Appraisal Reviews by Lisa Barefoot Appraisal Services LLCAccording to a statement by the Federal Reserve (click here), "financial institutions must have an effective, independent real estate appraisal and evaluation program" and that appraisers performing reviews ought to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Lisa Barefoot Appraisal Services LLC provides appraisal review services that are objective, efficient, professional and in accordance with the Federal Reserve's guidelines.
The purpose of appraisal reviews are to verify: whether the original appraisal or evaluation is fitting for the transaction, the exposure inherit in the transaction, and whether the procedure by which the collateral valuation is accomplished ensures independence and quality. The review must also show whether the appraisal or evaluation report is consistent with the letter of engagement, which gives an account of the reach of the appraisal assignment. The Fed also says 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 regulations and guidelines of our review clients, there are four Fannie Mae forms that are normally used for review services, and we can develop an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At Lisa Barefoot Appraisal Services LLC, we are experienced in every type of appraisal review, review process and the requirements of review appraisers.
Lisa Barefoot knows what constitutes a quality appraisal and what the biggest errors are, specifically for reports in our local real estate market. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can count on Lisa Barefoot Appraisal Services to objectively examine appraisal reports performed by others. And those others could be reviewing my work, too!
At Lisa Barefoot Appraisal Services LLC, you can rely on my honest judgment, because I offer professional, objective, ethical appraisal review services for my customers. Contact us for more information about our qualifications, expertise and services offered.