Appraisal Reviews by American Real Estate Appraisal
As said in an announcement by the Federal Reserve, "financial institutions must have an effective, objective real estate appraisal and evaluation plan," and that appraisers fulfilling reviews must "have the knowledge and expertise to evaluate compliance with the Federal Reserves appraisal rules and guidelines." For appraisal review services that are objective, efficient, professional and in line with the Federal Reserve's rules, look no further than American Real Estate Appraisal.
If you have questions in reference to an appraisal, or if you're in the need of a real estate appraisal review, contact American Real Estate Appraisal today.
According to the Federal Reserve, appraisal reviews "ought to figure out whether the appraisal or evaluation is pertinent for the transaction, the uncertainty of the transaction, and whether the procedure by which the collateral valuation is obtained guarantees independence and quality." Moreover, they "must show whether the appraisal or evaluation report is consistent with the engagement letter, which gives an account of the extent of the appraisal assignment." The Federal Reserve also says that "some banks reinforce regular reviews with post-funding evaluations of appraisal quality for some of their high-liability or high-value transactions as a method to help in detecting valuation issues."
In addition to coordinating our work to the regulations and guidelines of our review customers, there are four Fannie Mae forms that are mostly used for review services, and we can produce an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. Here at American Real Estate Appraisal, we are qualified in every kind of appraisal review, review procedure and the requirements of review appraisers.
We're aware of what constitutes a quality appraisal and what the most frequent weaknesses are, specifically in our housing market. In this regard, we are skilled enough to admit that the competitors 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 us to objectively assess appraisal reports performed by others. And those others may be examining our work, too!
You can count on American Real Estate Appraisal for our independent judgment, because we offer professional, objective, ethical appraisal review services for our clients. Contact American Real Estate Appraisal to learn more about our qualifications, expertise and services offered.