Appraisal Reviews with The Appraisal Firm
As stated in an announcement by the Federal Reserve, "financial institutions must have an effective, independent real estate appraisal and evaluation program," and that appraisers completing reviews ought to "have the ability and expertise to evaluate compliance with the Federal Reserves appraisal rules and guidelines." The Appraisal Firm provides appraisal review services that are unbiased, qualified, professional and in accordance with the Federal Reserve's regulations.
If you're in the need of a real estate appraisal review or have questions about an appraisal, call us today.
Appraisal reviews "have to decide whether the appraisal or evaluation is suitable for the transaction, the risk of the transaction, and whether the methods by which the collateral valuation is collected ensures independence and quality," according to the Federal Reserve. Moreover, they "must demonstrate whether the appraisal or evaluation report is consistent with the engagement letter, which describes the outlook of the appraisal assignment." The Federal Reserve also states that "some banks add regular reviews with post-funding evaluations of appraisal quality for any of their high-liability or higher-value dealings as a control to assist in identifying valuation issues."
In addition to adapting our work to the procedures and guidelines of our review clients, there are four Fannie Mae forms that are typically used for review services, and we can develop 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 The Appraisal Firm, we are trained in every kind of appraisal review, review practice and the requirements of review appraisers.
We realize what represents a quality appraisal and what the most common defects are, particularly in our real estate market. We're also skilled enough to admit that our competitors in our market are capable of quality work. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can rely on us to lawfully review appraisal reports performed by others. And those others might be reviewing our work, too!
For professional, objective, ethical appraisal review services and neutral judgments, you can depend on The Appraisal Firm. Contact The Appraisal Firm for more information about our qualifications, expertise and service offerings.