As stated in an announcement by the Federal Reserve, "financial institutions are required to have effective, impartial real estate appraisal and evaluation programs," and that appraisers performing reviews are obligated to "have the knowledge and skillfulness to evaluate compliance with the Federal Reserves appraisal regulations and guidelines." Here at The Appraisal Firm, we provide appraisal review services that are independent, qualified, professional and square with the Federal Reserve's rules.
If you have questions regarding an appraisal, or if you're in the need of a real estate appraisal review, call us today.
According to the Federal Reserve, appraisal reviews "should decide whether the appraisal or evaluation is applicable for the transaction, the risk of the transaction, and whether the practices by which the collateral valuation is attained guarantees independence and quality." They "must also demonstrate whether the appraisal or evaluation report is even with the letter of engagement, which gives an account of the capacity of the appraisal assignment." Last, The Federal Reserve notes that "some financial institutions add routine reviews with post-funding surveys of appraisal quality for a few of their high-liability or high-value dealings as a control to assist in detecting valuation issues."
In addition to adjusting our work to the regulations and guidelines of our review customers, there are four Fannie Mae forms that are typically used for review services, and we will prepare an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At The Appraisal Firm, we're qualified in every type of appraisal review, review practice and the responsibilities of review appraisers.
The Appraisal Firm realizes what the greatest weaknesses are, especially in our home market. We also understand what represents a quality appraisal. We're also trained enough to acknowledge that the competitors in our market are skillful in doing quality work. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can trust The Appraisal Firm to ethically evaluate appraisal reports executed by others. And those others could be evaluating our work, too!
For professional, unbiased, ethical appraisal review services and truthful judgments, you can count on The Appraisal Firm. Contact The Appraisal Firm for more information about our qualifications, expertise and services offered.