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Complete Appraisal Reviews by BOB'S APPRAISAL SERVICE
According to a statement
by the Federal Reserve (click here), "financial institutions must have an effective, independent real estate appraisal and evaluation program" and that
appraisers engaged in reviews must "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines."
At BOB'S APPRAISAL SERVICE, we provide appraisal review services that are independent, qualified, professional and in line with the Federal Reserve's regulations.
A review appraisal has to find out: whether the original appraisal or evaluation is appropriate for the transaction, the exposure inherit in the transaction, and whether the actions by which the real estate valuation is obtained guarantees independence and quality.
They should also indicate whether the appraisal or evaluation report is consistent with the letter of engagement, which gives an account of the range of the appraisal assignment.
The Federal Reserve also goes on to say that "some banks supplement routine reviews with post-funding evaluations of appraisal quality for some of their higher-risk or greater-value transactions as a control to assist in detecting valuation problems".
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If you have questions about an appraisal, or if you're in the need of a real estate appraisal review, call us today. |
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In addition to conforming 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 can prepare 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 BOB'S APPRAISAL SERVICE, we are qualified in all types of appraisal reviews, review procedures and the responsibilities of review appraisers.
We understand what amounts to a quality appraisal and what the biggest errors are, specifically when it comes to our local real estate market.
We're also skilled enough to respect that our competition in our market are capable of a great job.
The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can count on us to objectively assess appraisal reports carried out by others. And those others could be studying our work, too!
In short, here at BOB'S APPRAISAL SERVICE, you can rely on our honest judgment, because we offer professional, unbiased, ethical appraisal review services for our customers.
Contact BOB'S APPRAISAL SERVICE regarding our qualifications, expertise and service offerings.
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