Appraisal Reviews by All City Appraisal
As said in a statement by the Federal Reserve, "financial institutions are required to have an effective, independent real estate appraisal and evaluation plan," and that appraisers fulfilling reviews must "have the knowledge and expertise to determine compliance with the Federal Reserves appraisal rules and guidelines." All City Appraisal provides appraisal review services that are independent, expert, professional and compliant with the Federal Reserve's rules.
If you have questions in reference to an appraisal, or if you need a real estate appraisal review, contact us today.
According to the Federal Reserve, appraisal reviews "have to figure out whether the appraisal or evaluation is appropriate for the transaction, the risk of the transaction, and whether the methods by which the collateral valuation is collected ensures independence and quality." Moreover, they "must demonstrate whether the appraisal or evaluation report is even with the letter of engagement, which describes the outlook of the appraisal assignment." The Federal Reserve also notes that "some financial institutions add typical reviews with post-funding evaluations of appraisal quality for some of their higher-liability or greater-value transactions as a way to help in addressing valuation problems."
In addition to tailoring our work to the procedures and guidelines of our review clients, there are four Fannie Mae forms that are generally used for review services, and we will 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 are qualified in every type of appraisal review, review practice and the requirements of review appraisers.
All City Appraisal realizes what the most common weaknesses are, especially in our home market. We also know what represents a quality appraisal. The professionals at All City Appraisal are also sufficiently trained to realize that our competition in our market are capable of doing good work. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can count on us to fairly examine appraisal reports executed by others. And those others might be studying our work, too!
You can rely on All City Appraisal for our honest judgment, because we offer professional, unbiased, ethical appraisal review services for our clients. Contact All City Appraisal to learn more about our qualifications, expertise and service offerings.
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