Thies & Associates 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 have to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Thies & Associates provides appraisal review services that are unbiased, efficient, professional and in line with the Federal Reserve's regulations.
The purpose of appraisal reviews are to ascertain: whether the original appraisal or evaluation is fitting for the transaction, the risk inherit in the transaction, and whether the means by which the real estate valuation is acquired ensures independence and quality. They should also signify whether the appraisal or evaluation report is compatible with the letter of engagement, which gives an account of the reach of the appraisal assignment. Lastly, 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 processes and guidelines of our review clients, there are four Fannie Mae forms that are typically used for review services, and we can formulate 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 Thies & Associates, we are experienced in every type of appraisal review, review process and the responsibilities of review appraisers.
Thies & Associates understands what amounts to a quality appraisal and what the biggest inadequacies are, especially in our local real estate market. In the same regard, we're professional enough to recognize that the competition in our market are qualified to do quality work. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can rely on Thies & Associates to objectively examine appraisal reports done by others. And those others may be studying our work, too!
You can trust Thies & Associates for our independent judgment, because we offer professional, unbiased, ethical appraisal review services for our customers. Contact Thies & Associates for more information about our qualifications, expertise and service offerings.