Appraisal Reviews by The Appraisal Firm
As said in an announcement by the Federal Reserve, "financial institutions are required to have an effective, objective real estate appraisal and evaluation program," and that appraisers completing reviews ought to "have the proficiency and skillfulness to determine compliance with the Federal Reserves appraisal regulations and guidelines." For appraisal review services that are impartial, qualified, professional and in line with the Federal Reserve's guidelines, look no further than The Appraisal Firm.
If you need a real estate appraisal review or have questions in reference to an appraisal, call us today.
According to the Federal Reserve, appraisal reviews "have to figure out whether the appraisal or evaluation is relevant for the transaction, the uncertainty of the transaction, and whether the methods by which the collateral valuation is acquired ensures independence and quality." In addition, they "should demonstrate whether the appraisal or evaluation report matches the letter of engagement, which sets forth the capacity of the appraisal assignment." The Federal Reserve also says that "some institutions add periodic reviews with post-funding evaluations of appraisal quality for any of their high-liability or larger-value affairs as a way to aid in discovering valuation problems."
In addition to coordinating our work to the practices and guidelines of our review customers, there are four Fannie Mae forms that are mostly used for review services, and we'll prepare an appraisal review on any one 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 every type of appraisal review, review procedure and the responsibilities of review appraisers.
The Appraisal Firm knows what the greatest imperfections are, specifically in our home market. We also know what makes a quality appraisal. Concurrently, we are amply experienced to admit that the competition in our market are able to do a fine job. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can trust us to ethically look over appraisal reports performed by others. And those others may be studying our work, too!
At The Appraisal Firm, you can be sure of our honest judgment, because we offer professional, objective, ethical appraisal review services for our clients. Contact us for more information about our qualifications, expertise and service offerings.