Appraisal Reviews with All City Appraisal
According to a statement by the Federal Reserve, "financial institutions must have effective, independent real estate appraisal and evaluation procedures," and that appraisers performing reviews ought to "have the familiarity and expertise to evaluate compliance with the Federal Reserves appraisal regulations and guidelines." All City Appraisal provides appraisal review services that are impartial, efficient, professional and in line with the Federal Reserve's regulations.
If you have questions regarding 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 determine whether the appraisal or evaluation is relevant for the transaction, the liability of the transaction, and whether the procedure by which the collateral valuation is collected guarantees independence and quality." They "must also show whether the appraisal or evaluation report matches the engagement letter, which describes the scope of the appraisal assignment." Last, The Federal Reserve notes that "some banks augment typical reviews with post-funding assessments of appraisal quality for a few of their high-risk or high-value transactions as a method to assist in identifying valuation issues."
In addition to conforming our work to the forms and guidelines of our review customers, there are four Fannie Mae forms that are normally used for review services, and we can 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. Here at All City Appraisal, we're skilled in every kind of appraisal review, review practice and the requirements of review appraisers.
We are aware of what the greatest imperfections are, specifically in our home market, as well as what constitutes a quality appraisal. In this regard, we are professional enough to respect that the competitors in our market are skillful in doing a good job. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can trust All City Appraisal to ethically study appraisal reports performed by others. And those others may be evaluating our work, too!
At All City Appraisal, you can count on our honest judgment, because we offer professional, fair, ethical appraisal review services for our clients. Contact us regarding our qualifications, expertise and services offered.