Appraisal Reviews with Appraisal Connection
As said in an announcement by the Federal Reserve, "financial institutions are required to have effective, unbiased real estate appraisal and evaluation procedures," and that appraisers doing reviews are obligated to "have the ability and expertise to evaluate compliance with the Federal Reserves appraisal rules and guidelines." If you're looking for appraisal review services that are independent, qualified, professional and compliant with the Federal Reserve's regulations, just contact Appraisal Connection.
If you have questions regarding an appraisal, or if you need a real estate appraisal review, contact us today.
According to the Federal Reserve, appraisal reviews "should determine whether the appraisal or evaluation is well-suited for the transaction, the danger of the transaction, and whether the method by which the collateral valuation is obtained guarantees independence and quality." They "must also signify whether the appraisal or evaluation report is consistent with the letter of engagement, which sets forth the scope of the appraisal assignment." The Federal Reserve also states that "some banks add typical reviews with post-funding assessments of appraisal quality for some of their higher-risk or high-value affairs as a method to aid in identifying valuation disputes."
In addition to adjusting our work to the processes and guidelines of our review customers, there are four Fannie Mae forms that are normally used for review services, and we will prepare 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 Connection, we are trained in all kinds of appraisal reviews, review processes and the responsibilities of review appraisers.
We are aware of what the greatest defects are, especially in our housing market, as well as what amounts to a quality appraisal. In the same regard, we're professional enough to know that our competition in our market are able to do a fine job. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can trust Appraisal Connection to ethically assess appraisal reports executed by others. And those others may be reviewing our work, too!
You can trust Appraisal Connection for our truthful judgment, because we offer professional, fair, ethical appraisal review services for our customers. Contact Appraisal Connection for more information regarding our qualifications, expertise and service offerings.