According to a statement by the Federal Reserve, "financial institutions are obligated to have effective, unbiased real estate appraisal and evaluation procedures," and that appraisers fulfilling reviews ought to "have the ability and expertise to assess compliance with the Federal Reserves appraisal rules and guidelines." All City Appraisal provides appraisal review services that are objective, efficient, professional and square with the Federal Reserve's regulations.
If you have questions regarding an appraisal, or if you need a real estate appraisal review, contact All City Appraisal today.
The Federal Reserve says appraisal reviews "have to decide whether the appraisal or evaluation is applicable for the transaction, the liability of the transaction, and whether the processes by which the collateral valuation is attained ensures independence and quality." Moreover, they "should denote whether the appraisal or evaluation report is true to the letter of engagement, which sets forth the extent of the appraisal assignment." Lastly, the Federal Reserve states that "some banks supplement regular reviews with post-funding surveys of appraisal quality for a number of their high-risk or larger-value contracts as a channel to assist in identifying valuation complications."
In addition to conforming our work to the regulations and guidelines of our review clients, there are four Fannie Mae forms that are primarily used for review services, and we can prepare 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 All City Appraisal, we are trained in all forms of appraisal reviews, review practices and the obligations of review appraisers.
All City Appraisal knows what the most frequent imperfections are, specifically in our home market, as well as what represents a quality appraisal. The professionals at All City Appraisal are also skilled enough to identify that the competitors in our market are able to do quality work. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can rely on us to lawfully valuate appraisal reports done by others. And those others might be reviewing our work, too!
In short, at All City Appraisal, you can count on our independent judgment, because we offer professional, unbiased, ethical appraisal review services for our clients. Contact us to learn more about our qualifications, expertise and services offered.