As stated in an announcement by the Federal Reserve, "financial institutions are obligated to have an effective, impartial real estate appraisal and evaluation program," and that appraisers fulfilling reviews are obligated to "have the ability and skillfulness to assess compliance with the Federal Reserves appraisal regulations and guidelines." All City Appraisal provides appraisal review services that are unbiased, efficient, professional and in line with the Federal Reserve's guidelines.
If you have questions about an appraisal, or if you need a real estate appraisal review, contact All City Appraisal today.
Appraisal reviews "must figure out whether the appraisal or evaluation is suitable for the transaction, the uncertainty of the transaction, and whether the method by which the collateral valuation is acquired guarantees independence and quality," according to the Federal Reserve. They "must also signify whether the appraisal or evaluation report matches the engagement letter, which gives an account of the extent of the appraisal assignment." Lastly, the Federal Reserve states that "some institutions add regular reviews with post-funding assessments of appraisal quality for a few of their higher-risk or large-value contracts as a method to help in exposing valuation disputes."
In addition to adjusting our work to the regulations and guidelines of our review customers, there are four Fannie Mae forms that are usually 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. At All City Appraisal, we're qualified in every form of appraisal review, review process and the obligations of review appraisers.
We know what represents a quality appraisal and what the most prevalent imperfections are, especially in our housing market. We're also sufficiently experienced to realize that our competitors in our market are skillful in doing good work. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can rely on us to fairly valuate appraisal reports executed by others. And those others may be studying our work, too!
At All City Appraisal, you can trust our honest judgment, because we offer professional, objective, ethical appraisal review services for our clients. Contact All City Appraisal to learn more about our qualifications, expertise and service offerings.