Qualified Appraisal Reviews with All City Appraisal
As said in an announcement by the Federal Reserve, "financial institutions are obligated to have effective, unbiased real estate appraisal and evaluation programs," and that appraisers doing reviews ought to "have the ability and skills to evaluate compliance with the Federal Reserves appraisal rules and guidelines." For appraisal review services that are impartial, qualified, professional and compliant with the Federal Reserve's rules, look no further than All City Appraisal.
If you have questions about an appraisal, or if you need a real estate appraisal review, call us today.
The Federal Reserve says appraisal reviews "have to verify whether the appraisal or evaluation is fitting for the transaction, the risk of the transaction, and whether the manners by which the collateral valuation is acquired ensures independence and quality." Moreover, they "should signify whether the appraisal or evaluation report is even with the engagement letter, which sets forth the outlook of the appraisal assignment." Lastly, the Federal Reserve says that "some institutions reinforce typical reviews with post-funding assessments of appraisal quality for a few of their higher-liability or high-value dealings as a means to help in exposing valuation dilemmas."
In addition to coordinating our work to the processes and guidelines of our review clients, there are four Fannie Mae forms that are generally 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. Here at All City Appraisal, we are trained in all kinds of appraisal reviews, review practices and the obligations of review appraisers.
All City Appraisal understands what constitutes a quality appraisal and what the biggest inadequacies are, especially in our real estate market. At the same time, we are sufficiently experienced to distinguish that the competition in our market are capable of doing quality work. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can trust us to ethically evaluate appraisal reports executed by others. And those others could be reviewing our work, too!
For professional, objective, ethical appraisal review services and neutral judgments, you can count on All City Appraisal. Contact All City Appraisal for more information regarding our qualifications, expertise and service offerings.