Quality Appraisal Reviews by The Appraisal Firm
As said in an announcement by the Federal Reserve, "financial institutions are obligated to have effective, unbiased real estate appraisal and evaluation procedures," and that appraisers doing reviews should "have the familiarity and skills to evaluate compliance with the Federal Reserves appraisal rules and guidelines." Here at The Appraisal Firm, we provide appraisal review services that are independent, qualified, professional and square with the Federal Reserve's rules.
If you're in the need of a real estate appraisal review or have questions about an appraisal, contact us today.
As stated by the Federal Reserve, appraisal reviews "must find out whether the appraisal or evaluation is fitting for the transaction, the liability of the transaction, and whether the processes by which the collateral valuation is accomplished ensures independence and quality." In addition, they "should announce whether the appraisal or evaluation report is compatible with the engagement letter, which gives an account of the scope of the appraisal assignment." Last, The Federal Reserve says that "some institutions supplement periodic reviews with post-funding surveys of appraisal quality for a number of their higher-risk or large-value dealings as a way to assist in identifying valuation complications."
In addition to coordinating our work to the processes and guidelines of our review customers, there are four Fannie Mae forms that are largely used for review services, and we'll produce 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 trained in every type of appraisal review, review process and the requirements of review appraisers.
We realize what represents a quality appraisal and what the most frequent inadequacies are, especially in our real estate market. Concurrently, we are experienced enough to realize that the competitors 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 objectively valuate appraisal reports carried out by others. And those others could be studying our work, too!
You can count on The Appraisal Firm for our independent judgment, because we offer professional, unbiased, ethical appraisal review services for our customers. Contact us to learn more about our qualifications, expertise and services offered.