Qualified Appraisal Reviews with ASSOCIATES APPRAISAL
As said in a statement by the Federal Reserve, "financial institutions must have an effective, independent real estate appraisal and evaluation program," and that appraisers completing reviews are obligated to "have the proficiency and skills to evaluate compliance with the Federal Reserves appraisal regulations and guidelines." ASSOCIATES APPRAISAL provides appraisal review services that are independent, qualified, professional and in line with the Federal Reserve's guidelines.
If you have questions regarding an appraisal, or if you're in the need of a real estate appraisal review, contact ASSOCIATES APPRAISAL today.
Appraisal reviews "have to figure out whether the appraisal or evaluation is appropriate for the transaction, the uncertainty of the transaction, and whether the method by which the collateral valuation is collected guarantees independence and quality," according to the Federal Reserve. They "should also demonstrate whether the appraisal or evaluation report is even with the engagement letter, which gives an account of the range of the appraisal assignment." The Federal Reserve also says that "some banks add typical reviews with post-funding assessments of appraisal quality for a number of their higher-risk or high-value contracts as a way to aid in detecting valuation complications."
In addition to coordinating our work to the forms and guidelines of our review clients, there are four Fannie Mae forms that are usually used for review services, and we will develop 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 ASSOCIATES APPRAISAL, we're experienced in all forms of appraisal reviews, review practices and the responsibilities of review appraisers.
We are aware of what the most common deficiencies are, particularly in our home market, as well as what makes a quality appraisal. At the same time, we are proficient 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 as well as appraisal reports, and you can trust us to lawfully review appraisal reports carried out by others. And those others might be examining our work, too!
At ASSOCIATES APPRAISAL, you can rely on our independent judgment, because we offer professional, fair, ethical appraisal review services for our customers. Contact us for more information regarding our qualifications, expertise and services offered.
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