According to an announcement by the Federal Reserve, "financial institutions must have an effective, objective real estate appraisal and evaluation program," and that appraisers completing reviews ought to "have the familiarity and expertise to evaluate compliance with the Federal Reserves appraisal regulations and guidelines." The Appraisal Firm provides appraisal review services that are unbiased, qualified, professional and in accordance with the Federal Reserve's guidelines.
If you have questions in reference to an appraisal, or if you need a real estate appraisal review, contact The Appraisal Firm today.
Appraisal reviews "ought to figure out whether the appraisal or evaluation is suitable for the transaction, the liability of the transaction, and whether the means by which the collateral valuation is obtained guarantees independence and quality," as stated by the Federal Reserve. Moreover, they "must denote whether the appraisal or evaluation report is compatible with the letter of engagement, which sets forth the capacity of the appraisal assignment." Lastly, the Federal Reserve states that "some institutions reinforce periodic reviews with post-funding assessments of appraisal quality for a few of their higher-liability or larger-value contracts as a means to help in revealing valuation concerns."
In addition to adjusting our work to the practices and guidelines of our review clients, there are four Fannie Mae forms that are usually used for review services, and we will develop 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 are qualified in every kind of appraisal review, review procedure and the requirements of review appraisers.
We are familiar with what amounts to a quality appraisal and what the most common inadequacies are, particularly in our real estate market. In the same regard, we're trained enough to know that our competitors in our market are able to do a good job. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can rely on The Appraisal Firm to ethically review appraisal reports done by others. And those others could be examining our work, too!
In short, when you choose The Appraisal Firm, you can be sure of our truthful judgment, because we offer professional, objective, ethical appraisal review services for our clients. Contact The Appraisal Firm for more information regarding our qualifications, expertise and service offerings.