John Henke, SRA Appraisal ReviewsAs 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 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 John Henke, SRA, we provide appraisal review services that are impartial, efficient, professional and in accordance with the Federal Reserve's rules.
A review appraisal should determine: whether the original appraisal or evaluation is relevant for the transaction, the exposure inherit in the transaction, and whether the means by which the real estate valuation is obtained guarantees independence and quality. In addition, they should denote whether the appraisal or evaluation report is compatible with the letter of engagement, which gives an account of the scope of the appraisal assignment. The Fed 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 coordinating our work to the regulations and guidelines of our review clients, there are four Fannie Mae forms that are generally used for review services, and we will produce 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 John Henke, SRA, we are skilled in every form of appraisal review, review practice and the responsibilities of review appraisers.
John Henke, SRA knows what the most frequent reporting deficiencies are, especially in our real estate market. We also know what constitutes a quality appraisal. The professionals at John Henke, SRA are also experienced enough to acknowledge that our competitors in our market are capable of a fine job. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can trust John Henke, SRA to ethically valuate appraisal reports done by others. And those others might be reviewing our work, too!
At John Henke, SRA, you can rely on our independent judgment, because we offer professional, impartial, ethical appraisal review services for our clients. Contact us for more information regarding our qualifications, expertise and service offerings.