Appraisal Reviews by All City Appraisal
As said in a statement by the Federal Reserve, "financial institutions are required to have effective, unbiased real estate appraisal and evaluation procedures," and that appraisers completing reviews should "have the familiarity and expertise to assess compliance with the Federal Reserves appraisal regulations and guidelines." If you're looking for appraisal review services that are independent, qualified, professional and in accordance with the Federal Reserve's rules, contact All City Appraisal.
If you need a real estate appraisal review or have questions in reference to an appraisal, contact All City Appraisal today.
Appraisal reviews "should decide whether the appraisal or evaluation is appropriate for the transaction, the risk of the transaction, and whether the manner by which the collateral valuation is obtained ensures independence and quality," according to the Federal Reserve. They "should also denote whether the appraisal or evaluation report is true to the engagement letter, which describes the extent of the appraisal assignment." The Federal Reserve also notes that "some banks augment routine reviews with post-funding assessments of appraisal quality for a number of their higher-liability or larger-value affairs as a method to aid in detecting valuation concerns."
In addition to conforming our work to the forms and guidelines of our review clients, there are four Fannie Mae forms that are largely used for review services, and we will produce 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 kind of appraisal review, review procedure and the responsibilities of review appraisers.
We're aware of what the biggest inadequacies are, particularly in our real estate market, as well as what makes a quality appraisal. The professionals at All City Appraisal are also adequately trained to recognize that the competition in our market are capable of doing a fine job. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can count on All City Appraisal to fairly assess appraisal reports performed by others. And those others may be evaluating our work, too!
In short, here at All City Appraisal, you can be sure of our independent judgment, because we offer professional, impartial, ethical appraisal review services for our customers. Contact All City Appraisal regarding our qualifications, expertise and services offered.