Appraisal Reviews by All City Appraisal
As stated in an announcement by the Federal Reserve, "financial institutions must have an effective, objective real estate appraisal and evaluation plan," and that appraisers performing reviews should "have the knowledge and expertise to assess compliance with the Federal Reserves appraisal rules and guidelines." All City Appraisal provides appraisal review services that are objective, qualified, professional and compliant with the Federal Reserve's regulations.
If you have questions about an appraisal, or if you need a real estate appraisal review, call us today.
Appraisal reviews "have to decide whether the appraisal or evaluation is relevant for the transaction, the uncertainty of the transaction, and whether the procedures by which the collateral valuation is accomplished guarantees independence and quality," as stated by the Federal Reserve. They "must also signify whether the appraisal or evaluation report is true to the engagement letter, which gives an account of the capacity of the appraisal assignment." The Federal Reserve also states that "some institutions reinforce regular reviews with post-funding evaluations of appraisal quality for a number of their high-risk or larger-value affairs as a method to help in exposing valuation complications."
In addition to adjusting our work to the forms and guidelines of our review clients, there are four Fannie Mae forms that are usually used for review services, and we will 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. At All City Appraisal, we're trained in every form of appraisal review, review procedure and the responsibilities of review appraisers.
All City Appraisal is aware of what makes a quality appraisal and what the most frequent inadequacies are, especially in our home market. We're also skilled enough to distinguish that our competitors in our market are capable of a fine job. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can rely on All City Appraisal to lawfully study appraisal reports executed by others. And those others might be evaluating our work, too!
In short, when you choose All City Appraisal, you can count on our honest judgment, because we offer professional, impartial, ethical appraisal review services for our customers. Contact All City Appraisal for more information regarding our qualifications, expertise and services offered.