Appraisal Reviews by Appraisal-One
According to a statement by the Federal Reserve, "financial institutions are required to have an effective, unbiased real estate appraisal and evaluation program," and that appraisers performing reviews have to "have the ability and skills to determine compliance with the Federal Reserves appraisal rules and guidelines." Here at Appraisal-One, we provide appraisal review services that are unbiased, expert, professional and in accordance with the Federal Reserve's guidelines.
If you have questions in reference to an appraisal, or if you need a real estate appraisal review, contact Appraisal-One today.
Appraisal reviews "ought to verify whether the appraisal or evaluation is well-suited for the transaction, the risk of the transaction, and whether the procedures by which the collateral valuation is acquired guarantees independence and quality," as stated by the Federal Reserve. They "must also indicate whether the appraisal or evaluation report is compatible with the engagement letter, which sets forth the range of the appraisal assignment." Lastly, the Federal Reserve says that "some banks reinforce routine reviews with post-funding assessments of appraisal quality for a few of their high-risk or higher-value contracts as a control to aid in detecting valuation concerns."
In addition to adapting our work to the practices and guidelines of our review clients, there are four Fannie Mae forms that are generally 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 Appraisal-One, we're trained in all kinds of appraisal reviews, review processes and the obligations of review appraisers.
Appraisal-One understands what the most frequent defects are, especially in our home market. We also understand what makes a quality appraisal. We're also adequately trained to acknowledge that our competitors in our market are skillful in doing a fine job. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can rely on Appraisal-One to ethically examine appraisal reports carried out by others. And those others might be studying our work, too!
In short, here at Appraisal-One, you can have confidence in 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.