Qualified Appraisal Reviews by The Appraisal Firm
According to an announcement by the Federal Reserve, "financial institutions are obligated to have effective, independent real estate appraisal and evaluation procedures," and that appraisers doing reviews ought to "have the knowledge and skillfulness to assess compliance with the Federal Reserves appraisal regulations and guidelines." At The Appraisal Firm, we provide appraisal review services that are independent, expert, professional and compliant with the Federal Reserve's regulations.
If you're in the need of a real estate appraisal review or have questions regarding an appraisal, contact us today.
Appraisal reviews "ought to figure out whether the appraisal or evaluation is well-suited for the transaction, the risk of the transaction, and whether the manners by which the collateral valuation is accomplished ensures independence and quality," the Federal Reserve says. They "must also signify whether the appraisal or evaluation report matches the letter of engagement, which gives an account of the extent of the appraisal assignment." Lastly, the Federal Reserve says that "some financial institutions supplement regular reviews with post-funding assessments of appraisal quality for a number of their higher-risk or high-value dealings as a control to aid in exposing valuation problems."
In addition to conforming our work to the regulations and guidelines of our review customers, there are four Fannie Mae forms that are usually used for review services, and we'll formulate an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. Here at The Appraisal Firm, we're qualified in all types of appraisal reviews, review processes and the responsibilities of review appraisers.
We understand what the most frequent inadequacies are, especially in our real estate market, as well as what constitutes a quality appraisal. We're also sufficiently experienced to respect that our competition in our market are capable of a good job. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can count on us to lawfully review appraisal reports completed by others. And those others may be evaluating our work, too!
In short, when you choose The Appraisal Firm, you can have confidence in our independent judgment, because we offer professional, unbiased, ethical appraisal review services for our clients. Contact us for more information about our qualifications, expertise and service offerings.