Appraisal Reviews by The Appraisal Firm
According to an announcement by the Federal Reserve, "financial institutions are required to have effective, objective real estate appraisal and evaluation programs," and that appraisers completing reviews have to "have the familiarity and expertise to evaluate compliance with the Federal Reserves appraisal regulations and guidelines." If you need appraisal review services that are objective, qualified, professional and square with the Federal Reserve's regulations, contact The Appraisal Firm.
If you need a real estate appraisal review or have questions about an appraisal, contact us today.
Appraisal reviews "ought to conclude whether the appraisal or evaluation is suitable for the transaction, the uncertainty of the transaction, and whether the procedures by which the collateral valuation is acquired ensures independence and quality," as stated by the Federal Reserve. In addition, they "must show whether the appraisal or evaluation report is true to the letter of engagement, which describes the capacity of the appraisal assignment." Last, The Federal Reserve states that "some banks augment routine reviews with post-funding surveys of appraisal quality for a number of their higher-liability or greater-value affairs as a channel to aid in revealing valuation problems."
In addition to adjusting our work to the forms and guidelines of our review customers, there are four Fannie Mae forms that are normally used for review services, and we will 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. At The Appraisal Firm, we're experienced in every kind of appraisal review, review practice and the obligations of review appraisers.
We are aware of what the greatest inadequacies are, particularly in our real estate market. We also know what amounts to a quality appraisal. At the same time, we're amply trained to realize 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 us to lawfully look over appraisal reports performed by others. And those others could be reviewing our work, too!
For professional, fair, ethical appraisal review services and independent judgments, you can rely on The Appraisal Firm. Contact The Appraisal Firm to learn more about our qualifications, expertise and services offered.