As said in a statement by the Federal Reserve, "financial institutions must have effective, impartial real estate appraisal and evaluation plans," and that appraisers completing reviews ought to "have the familiarity and skills to determine compliance with the Federal Reserves appraisal rules and guidelines." If you need appraisal review services that are objective, efficient, professional and in accordance with the Federal Reserve's regulations, contact The Appraisal Firm.
If you need a real estate appraisal review or have questions about an appraisal, call The Appraisal Firm today.
According to the Federal Reserve, appraisal reviews "must find out whether the appraisal or evaluation is pertinent for the transaction, the danger of the transaction, and whether the method by which the collateral valuation is collected guarantees independence and quality." They "should also signify whether the appraisal or evaluation report is even with the engagement letter, which sets forth the outlook of the appraisal assignment." Lastly, the Federal Reserve states that "some financial institutions add periodic reviews with post-funding assessments of appraisal quality for some of their higher-liability or higher-value contracts as a method to assist in addressing valuation concerns."
In addition to conforming our work to the forms and guidelines of our review customers, there are four Fannie Mae forms that are primarily used for review services, and we can develop 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 experienced in every kind of appraisal review, review procedure and the requirements of review appraisers.
We realize what the greatest inadequacies are, especially in our housing market. We also understand what represents a quality appraisal. In the same sense, we are proficient enough to acknowledge that our competition in our market are capable of a great job. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can trust The Appraisal Firm to fairly look over appraisal reports completed by others. And those others may be reviewing our work, too!
You can trust The Appraisal Firm for our neutral judgment, because we offer professional, objective, ethical appraisal review services for our clients. Contact The Appraisal Firm to learn more about our qualifications, expertise and service offerings.