Appraisal Reviews with All City Appraisal
According to an announcement by the Federal Reserve, "financial institutions are required to have an effective, unbiased real estate appraisal and evaluation plan," and that appraisers fulfilling reviews must "have the ability and expertise to evaluate compliance with the Federal Reserves appraisal regulations and guidelines." Here at All City Appraisal, we provide appraisal review services that are impartial, expert, professional and in line with the Federal Reserve's rules.
If you're in the need of a real estate appraisal review or have questions about an appraisal, contact us today.
According to the Federal Reserve, appraisal reviews "have to find out whether the appraisal or evaluation is applicable for the transaction, the uncertainty of the transaction, and whether the process by which the collateral valuation is attained ensures independence and quality." They "must also indicate whether the appraisal or evaluation report is even with the engagement letter, which describes the range of the appraisal assignment." The Federal Reserve also states that "some institutions supplement periodic reviews with post-funding evaluations of appraisal quality for a number of their high-liability or higher-value transactions as a channel to help in addressing valuation issues."
In addition to conforming our work to the practices and guidelines of our review customers, there are four Fannie Mae forms that are mostly used for review services, and we'll formulate 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're trained in all forms of appraisal reviews, review processes and the requirements of review appraisers.
All City Appraisal understands what the most prevalent defects are, especially in our home market. We also know what makes a quality appraisal. We're also sufficiently trained to distinguish that the competition in our market are able to do good work. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can rely on us to justly study appraisal reports completed by others. And those others may be reviewing our work, too!
For professional, impartial, ethical appraisal review services and independent judgments, you can rely on All City Appraisal. Contact us for more information regarding our qualifications, expertise and service offerings.