The Appraisal Firm Appraisal Reviews
As stated 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 must "have the ability and expertise to assess compliance with the Federal Reserves appraisal rules and guidelines." The Appraisal Firm provides appraisal review services that are independent, expert, professional and in accordance with the Federal Reserve's regulations.
If you need a real estate appraisal review or have questions in reference to an appraisal, contact The Appraisal Firm today.
As stated by the Federal Reserve, appraisal reviews "ought to find out whether the appraisal or evaluation is suitable for the transaction, the risk of the transaction, and whether the actions by which the collateral valuation is attained ensures independence and quality." In addition, they "should demonstrate whether the appraisal or evaluation report matches the engagement letter, which describes the outlook of the appraisal assignment." Last, The Federal Reserve says that "some institutions add typical reviews with post-funding surveys of appraisal quality for a few of their higher-risk or large-value contracts as a means to assist in uncovering valuation concerns."
In addition to adjusting our work to the procedures and guidelines of our review clients, there are four Fannie Mae forms that are widely used for review services, and we can 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 are experienced in every kind of appraisal review, review procedure and the obligations of review appraisers.
We're aware of what the most prevalent weaknesses are, especially in our real estate market. We also know what represents a quality appraisal. In this regard, we are skilled enough to distinguish that the competitors in our market are skillful in doing a fine job. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can trust us to justly study appraisal reports done by others. And those others might be reviewing our work, too!
For professional, impartial, ethical appraisal review services and honest judgments, you can count on The Appraisal Firm. Contact The Appraisal Firm regarding our qualifications, expertise and services offered.