As stated in an announcement by the Federal Reserve, "financial institutions must have an effective, unbiased real estate appraisal and evaluation program," and that appraisers doing reviews have to "have the proficiency and expertise to evaluate compliance with the Federal Reserves appraisal regulations and guidelines." Appraisal Works provides appraisal review services that are independent, expert, professional and square with the Federal Reserve's guidelines.
If you have questions about an appraisal, or if you need a real estate appraisal review, contact Appraisal Works today.
Appraisal reviews "ought to figure out whether the appraisal or evaluation is suitable for the transaction, the uncertainty of the transaction, and whether the actions by which the collateral valuation is obtained ensures independence and quality," as stated by the Federal Reserve. They "should also show whether the appraisal or evaluation report is even with the letter of engagement, which describes the scope of the appraisal assignment." Last, The Federal Reserve notes that "some institutions augment regular reviews with post-funding assessments of appraisal quality for any of their higher-risk or higher-value dealings as a method to aid in uncovering valuation dilemmas."
In addition to adapting 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'll 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 Appraisal Works, we're trained in all kinds of appraisal reviews, review processes and the obligations of review appraisers.
We're aware of what the most frequent imperfections are, particularly in our real estate market. We also know what constitutes a quality appraisal. The professionals at Appraisal Works are also adequately experienced to identify that the competitors in our market are qualified to do a fine job. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can trust Appraisal Works to fairly examine appraisal reports carried out by others. And those others could be studying our work, too!
For professional, unbiased, ethical appraisal review services and independent judgments, you can depend on Appraisal Works. Contact Appraisal Works for more information about our qualifications, expertise and service offerings.