Appraisal Reviews by All City Appraisal
As said in an announcement by the Federal Reserve, "financial institutions must have an effective, independent real estate appraisal and evaluation plan," and that appraisers completing reviews ought to "have the familiarity and expertise to determine compliance with the Federal Reserves appraisal rules and guidelines." All City Appraisal provides appraisal review services that are impartial, efficient, professional and in line with the Federal Reserve's rules.
If you have questions regarding an appraisal, or if you need a real estate appraisal review, contact us today.
The Federal Reserve says appraisal reviews "ought to decide whether the appraisal or evaluation is suitable for the transaction, the uncertainty of the transaction, and whether the procedures by which the collateral valuation is acquired guarantees independence and quality." In addition, they "must indicate whether the appraisal or evaluation report is even with the engagement letter, which gives an account of the outlook of the appraisal assignment." Lastly, the Federal Reserve says that "some institutions add routine reviews with post-funding assessments of appraisal quality for a number of their high-liability or larger-value dealings as a method to aid in detecting valuation dilemmas."
In addition to adapting our work to the processes and guidelines of our review clients, there are four Fannie Mae forms that are mostly used for review services, and we'll produce 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 qualified in all forms of appraisal reviews, review procedures and the responsibilities of review appraisers.
We know what the most common inadequacies are, especially in our real estate market, as well as what represents a quality appraisal. Concurrently, we're amply trained to respect that our competitors in our market are qualified to do a great job. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can count on us to lawfully review appraisal reports done by others. And those others could be reviewing our work, too!
Here at All City Appraisal, you can rely on our truthful judgment, because we offer professional, objective, ethical appraisal review services for our customers. Contact All City Appraisal to learn more about our qualifications, expertise and services offered.