Quality Appraisal Reviews by First Appraisal Services
As said in a statement by the Federal Reserve, "financial institutions are obligated to have an effective, unbiased real estate appraisal and evaluation program," and that appraisers doing reviews have to "have the familiarity and expertise to determine compliance with the Federal Reserves appraisal rules and guidelines." For appraisal review services that are independent, efficient, professional and in accordance with the Federal Reserve's guidelines, just contact First Appraisal Services.
If you need a real estate appraisal review or have questions in reference to an appraisal, call us today.
Appraisal reviews "ought to decide whether the appraisal or evaluation is relevant for the transaction, the uncertainty of the transaction, and whether the procedure by which the collateral valuation is obtained guarantees independence and quality," the Federal Reserve says. They "should also signify whether the appraisal or evaluation report matches the engagement letter, which gives an account of the extent of the appraisal assignment." The Federal Reserve also states that "some institutions add routine reviews with post-funding evaluations of appraisal quality for any of their high-risk or greater-value dealings as a channel to assist in identifying valuation issues."
In addition to tailoring our work to the regulations and guidelines of our review clients, there are four Fannie Mae forms that are typically used for review services, and we'll develop 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 First Appraisal Services, we're trained in every form of appraisal review, review practice and the responsibilities of review appraisers.
First Appraisal Services is aware of what constitutes a quality appraisal and what the most frequent imperfections are, especially in our housing market. The professionals at First Appraisal Services are also experienced enough to respect that our competitors in our market are qualified to do quality work. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can rely on us to justly valuate appraisal reports carried out by others. And those others may be evaluating our work, too!
You can count on First Appraisal Services for our independent judgment, because we offer professional, impartial, ethical appraisal review services for our customers. Contact us regarding our qualifications, expertise and services offered.