Quality Appraisal Reviews by The Appraisal Firm
According to a statement by the Federal Reserve, "financial institutions are obligated to have effective, objective real estate appraisal and evaluation procedures," and that appraisers fulfilling reviews are obligated to "have the knowledge and skills to evaluate compliance with the Federal Reserves appraisal rules and guidelines." At The Appraisal Firm, we provide appraisal review services that are objective, efficient, professional and in accordance with the Federal Reserve's rules.
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 determine whether the appraisal or evaluation is pertinent for the transaction, the danger of the transaction, and whether the practices by which the collateral valuation is collected ensures independence and quality," the Federal Reserve says. Moreover, they "should demonstrate whether the appraisal or evaluation report is true to the engagement letter, which describes the extent of the appraisal assignment." Lastly, the Federal Reserve states that "some institutions augment periodic reviews with post-funding assessments of appraisal quality for any of their high-risk or higher-value affairs as a means to help in detecting valuation disputes."
In addition to coordinating our work to the procedures and guidelines of our review clients, there are four Fannie Mae forms that are largely 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 are trained in every type of appraisal review, review process and the responsibilities of review appraisers.
The Appraisal Firm knows what the biggest deficiencies are, specifically in our home market, as well as what amounts to a quality appraisal. In the same regard, we're amply trained to respect that our competitors in our market are able to do a good job. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can count on The Appraisal Firm to objectively evaluate appraisal reports completed by others. And those others could be examining our work, too!
For professional, objective, ethical appraisal review services and independent judgments, you can depend on The Appraisal Firm. Contact The Appraisal Firm for more information about our qualifications, expertise and service offerings.