The Appraisal Firm Appraisal Reviews
As said in an announcement by the Federal Reserve, "financial institutions are obligated to have an effective, unbiased real estate appraisal and evaluation plan," and that appraisers completing reviews are obligated to "have the knowledge and skills to determine compliance with the Federal Reserves appraisal regulations and guidelines." If you're looking for appraisal review services that are independent, qualified, professional and in line with the Federal Reserve's regulations, just contact The Appraisal Firm.
If you have questions about an appraisal, or if you're in the need of a real estate appraisal review, call us today.
As stated by the Federal Reserve, appraisal reviews "must determine whether the appraisal or evaluation is applicable for the transaction, the danger of the transaction, and whether the practices by which the collateral valuation is acquired ensures independence and quality." In addition, they "must signify whether the appraisal or evaluation report is even with the engagement letter, which sets forth the extent of the appraisal assignment." Last, The Federal Reserve says that "some banks supplement routine reviews with post-funding surveys of appraisal quality for a few of their high-liability or greater-value transactions as a method to aid in uncovering valuation disputes."
In addition to conforming our work to the processes and guidelines of our review customers, there are four Fannie Mae forms that are generally used for review services, and we will produce 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 experienced in every kind of appraisal review, review procedure and the requirements of review appraisers.
We know what the most frequent weaknesses are, specifically in our real estate market. We also understand what makes a quality appraisal. The professionals at The Appraisal Firm are also trained enough to identify that our competitors in our market are capable of a fine job. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can count on us to objectively assess appraisal reports carried out by others. And those others might be studying our work, too!
You can trust The Appraisal Firm for our neutral judgment, because we offer professional, unbiased, ethical appraisal review services for our customers. Contact The Appraisal Firm to learn more about our qualifications, expertise and service offerings.