According to a statement by the Federal Reserve, "financial institutions must have effective, unbiased real estate appraisal and evaluation plans," and that appraisers doing reviews have to "have the familiarity and skillfulness to evaluate compliance with the Federal Reserves appraisal rules and guidelines." All City Appraisal provides appraisal review services that are objective, expert, professional and square with the Federal Reserve's regulations.
If you're in the need of a real estate appraisal review or have questions in reference to an appraisal, call All City Appraisal today.
Appraisal reviews "should decide whether the appraisal or evaluation is applicable for the transaction, the liability of the transaction, and whether the manners by which the collateral valuation is acquired guarantees independence and quality," according to the Federal Reserve. They "must also demonstrate whether the appraisal or evaluation report matches the engagement letter, which sets forth the outlook of the appraisal assignment." Last, The Federal Reserve says that "some banks reinforce periodic reviews with post-funding surveys of appraisal quality for any of their high-risk or high-value affairs as a channel to aid in uncovering valuation problems."
In addition to tailoring our work to the procedures and guidelines of our review customers, there are four Fannie Mae forms that are normally used for review services, and we can formulate 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're qualified in every form of appraisal review, review procedure and the obligations of review appraisers.
All City Appraisal knows what the most common imperfections are, particularly in our housing market, as well as what amounts to a quality appraisal. At the same time, we are experienced enough to distinguish that our competitors in our market are capable of doing quality work. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can count on us to lawfully valuate appraisal reports completed by others. And those others might be examining our work, too!
In short, at All City Appraisal, you can rely on our truthful judgment, because we offer professional, unbiased, ethical appraisal review services for our clients. Contact us to learn more about our qualifications, expertise and service offerings.