Appraisal Reviews with Appraisal-One
According to an announcement by the Federal Reserve, "financial institutions are obligated to have an effective, impartial real estate appraisal and evaluation program," and that appraisers doing reviews have to "have the ability and skills to determine compliance with the Federal Reserves appraisal regulations and guidelines." At Appraisal-One, we provide appraisal review services that are independent, efficient, professional and square with the Federal Reserve's guidelines.
If you're in the need of a real estate appraisal review or have questions in reference to an appraisal, contact Appraisal-One today.
Appraisal reviews "must figure out whether the appraisal or evaluation is appropriate for the transaction, the liability of the transaction, and whether the methods by which the collateral valuation is collected ensures independence and quality," according to the Federal Reserve. In addition, they "should indicate whether the appraisal or evaluation report is compatible with the engagement letter, which sets forth the capacity of the appraisal assignment." Lastly, the Federal Reserve states that "some financial institutions supplement regular reviews with post-funding surveys of appraisal quality for a number of their high-liability or higher-value affairs as a way to help in uncovering valuation disputes."
In addition to coordinating our work to the forms and guidelines of our review customers, there are four Fannie Mae forms that are typically used for review services, and we'll 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 Appraisal-One, we are experienced in every type of appraisal review, review practice and the requirements of review appraisers.
We are aware of what the most common weaknesses are, particularly in our home market, as well as what amounts to a quality appraisal. We're also experienced enough to acknowledge that the competitors in our market are able to do good work. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can rely on us to fairly review appraisal reports carried out by others. And those others may be evaluating our work, too!
At Appraisal-One, you can count on our honest judgment, because we offer professional, unbiased, ethical appraisal review services for our clients. Contact us to learn more about our qualifications, expertise and services offered.