As stated in an announcement by the Federal Reserve, "financial institutions must have effective, objective real estate appraisal and evaluation programs," and that appraisers completing reviews have to "have the proficiency and expertise to determine compliance with the Federal Reserves appraisal regulations and guidelines." If you need appraisal review services that are independent, expert, professional and compliant with the Federal Reserve's guidelines, contact All City Appraisal.
If you have questions about an appraisal, or if you're in the need of a real estate appraisal review, contact All City Appraisal today.
According to the Federal Reserve, appraisal reviews "must conclude whether the appraisal or evaluation is well-suited for the transaction, the uncertainty of the transaction, and whether the actions by which the collateral valuation is acquired ensures independence and quality." Moreover, they "should show whether the appraisal or evaluation report is consistent with the letter of engagement, which gives an account of the extent of the appraisal assignment." The Federal Reserve also says that "some institutions add regular reviews with post-funding assessments of appraisal quality for a few of their higher-risk or large-value dealings as a channel to assist in detecting valuation complications."
In addition to adapting our work to the regulations and guidelines of our review customers, there are four Fannie Mae forms that are primarily used for review services, and we'll prepare 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 All City Appraisal, we are skilled in all kinds of appraisal reviews, review processes and the requirements of review appraisers.
We realize what the most common deficiencies are, particularly in our real estate market. We also know what amounts to a quality appraisal. We're also experienced enough to acknowledge that our competition in our market are qualified to do good work. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can rely on us to ethically evaluate appraisal reports done by others. And those others may be reviewing our work, too!
You can depend on All City Appraisal for our honest judgment, because we offer professional, objective, ethical appraisal review services for our clients. Contact All City Appraisal for more information about our qualifications, expertise and services offered.