Appraisal Reviews by Appraisal-One
According to an announcement by the Federal Reserve, "financial institutions are required to have an effective, independent real estate appraisal and evaluation plan," and that appraisers doing reviews are obligated to "have the knowledge and skillfulness to assess compliance with the Federal Reserves appraisal regulations and guidelines." If you need appraisal review services that are independent, expert, professional and square with the Federal Reserve's guidelines, contact Appraisal-One.
If you need a real estate appraisal review or have questions in reference to an appraisal, contact us today.
Appraisal reviews "must determine whether the appraisal or evaluation is well-suited for the transaction, the danger of the transaction, and whether the procedure by which the collateral valuation is attained ensures independence and quality," the Federal Reserve says. Moreover, they "must demonstrate whether the appraisal or evaluation report is compatible with the letter of engagement, which describes the scope of the appraisal assignment." Last, The Federal Reserve notes that "some banks add regular reviews with post-funding surveys of appraisal quality for a few of their high-risk or higher-value contracts as a means to assist in addressing valuation problems."
In addition to adapting our work to the practices and guidelines of our review customers, there are four Fannie Mae forms that are typically used for review services, and we will prepare an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. Here at Appraisal-One, we're skilled in all types of appraisal reviews, review processes and the responsibilities of review appraisers.
We're aware of what the most frequent weaknesses are, especially in our housing market, as well as what represents a quality appraisal. At the same time, we are amply trained to know that our 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 count on us to fairly valuate appraisal reports executed by others. And those others may be reviewing our work, too!
In short, when you choose Appraisal-One, you can be sure of our truthful judgment, because we offer professional, fair, ethical appraisal review services for our clients. Contact Appraisal-One regarding our qualifications, expertise and services offered.