According to an announcement by the Federal Reserve, "financial institutions are required to have effective, objective real estate appraisal and evaluation programs," and that appraisers completing reviews are obligated to "have the proficiency and expertise to evaluate compliance with the Federal Reserves appraisal rules and guidelines." If you're looking for appraisal review services that are objective, efficient, professional and in line with the Federal Reserve's rules, contact Appraisal Development Inc.
If you have questions in reference to an appraisal, or if you need a real estate appraisal review, call Appraisal Development Inc today.
Appraisal reviews "should conclude whether the appraisal or evaluation is well-suited for the transaction, the risk of the transaction, and whether the practices by which the collateral valuation is accomplished guarantees independence and quality," as stated by the Federal Reserve. They "must also indicate whether the appraisal or evaluation report matches the engagement letter, which sets forth the capacity of the appraisal assignment." Lastly, the Federal Reserve notes that "some institutions add typical reviews with post-funding surveys of appraisal quality for a few of their high-risk or higher-value affairs as a means to assist in identifying valuation complications."
In addition to tailoring our work to the practices and guidelines of our review customers, there are four Fannie Mae forms that are largely used for review services, and we'll prepare an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At Appraisal Development Inc, we're experienced in every kind of appraisal review, review process and the responsibilities of review appraisers.
We are aware of what the most prevalent imperfections are, especially in our real estate market. We also understand what represents a quality appraisal. At the same time, we are adequately skilled to admit that our competitors in our market are qualified to do good work. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can count on us to objectively look over appraisal reports carried out by others. And those others might be examining our work, too!
You can rely on Appraisal Development Inc for our honest judgment, because we offer professional, fair, ethical appraisal review services for our customers. Contact us to learn more about our qualifications, expertise and service offerings.