Appraisal Reviews with The Appraisal Firm
According to an announcement by the Federal Reserve, "financial institutions are obligated to have effective, impartial real estate appraisal and evaluation programs," and that appraisers performing reviews should "have the knowledge and expertise to assess compliance with the Federal Reserves appraisal regulations and guidelines." At The Appraisal Firm, we provide appraisal review services that are independent, expert, professional and in accordance with the Federal Reserve's guidelines.
If you're in the need of a real estate appraisal review or have questions about an appraisal, call us today.
As stated by the Federal Reserve, appraisal reviews "must find out whether the appraisal or evaluation is well-suited for the transaction, the risk of the transaction, and whether the actions by which the collateral valuation is collected ensures independence and quality." Moreover, they "must announce whether the appraisal or evaluation report is consistent with the letter of engagement, which sets forth the scope of the appraisal assignment." The Federal Reserve also notes that "some institutions supplement routine reviews with post-funding assessments of appraisal quality for any of their high-liability or higher-value dealings as a channel to aid in addressing valuation complications."
In addition to coordinating our work to the procedures and guidelines of our review customers, there are four Fannie Mae forms that are usually used for review services, and we'll formulate 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 are qualified in all forms of appraisal reviews, review practices and the responsibilities of review appraisers.
The Appraisal Firm is aware of what represents a quality appraisal and what the biggest deficiencies are, specifically in our housing market. The professionals at The Appraisal Firm are also amply skilled to acknowledge that the competitors in our market are capable of 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 ethically evaluate appraisal reports done by others. And those others might be evaluating our work, too!
In short, at The Appraisal Firm, you can have confidence in our neutral judgment, because we offer professional, unbiased, ethical appraisal review services for our customers. Contact us for more information about our qualifications, expertise and services offered.