Appraisal Reviews by Appraisal-One
According to an announcement by the Federal Reserve, "financial institutions must have effective, impartial real estate appraisal and evaluation procedures," and that appraisers completing reviews are obligated to "have the knowledge and skills to evaluate compliance with the Federal Reserves appraisal regulations and guidelines." For appraisal review services that are unbiased, expert, professional and compliant with the Federal Reserve's guidelines, look no further than Appraisal-One.
If you need a real estate appraisal review or have questions regarding an appraisal, contact us today.
According to the Federal Reserve, appraisal reviews "have to decide whether the appraisal or evaluation is relevant for the transaction, the uncertainty of the transaction, and whether the procedures by which the collateral valuation is accomplished ensures independence and quality." They "must also indicate whether the appraisal or evaluation report is true to the engagement letter, which describes the extent of the appraisal assignment." Lastly, the Federal Reserve says that "some financial institutions reinforce regular reviews with post-funding evaluations of appraisal quality for a number of their high-risk or higher-value affairs as a control to assist in exposing valuation complications."
In addition to adjusting our work to the regulations and guidelines of our review customers, there are four Fannie Mae forms that are usually used for review services, and we will produce 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 trained in all forms of appraisal reviews, review procedures and the requirements of review appraisers.
Appraisal-One understands what the most prevalent weaknesses are, specifically in our real estate market, as well as what represents a quality appraisal. At the same time, we are trained enough to recognize that the competition in our market are capable of doing a great job. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can trust us to fairly study appraisal reports done by others. And those others could be examining our work, too!
In short, at Appraisal-One, you can trust our independent judgment, because we offer professional, objective, ethical appraisal review services for our clients. Contact us for more information regarding our qualifications, expertise and services offered.