Appraisal Reviews by All City Appraisal
As stated in an announcement by the Federal Reserve, "financial institutions are required to have effective, independent real estate appraisal and evaluation programs," and that appraisers doing reviews are obligated to "have the familiarity and skills to evaluate compliance with the Federal Reserves appraisal regulations and guidelines." All City Appraisal provides appraisal review services that are independent, qualified, professional and in line with the Federal Reserve's regulations.
If you have questions in reference to an appraisal, or if you're in the need of a real estate appraisal review, call All City Appraisal today.
As stated by the Federal Reserve, appraisal reviews "must decide whether the appraisal or evaluation is well-suited for the transaction, the uncertainty of the transaction, and whether the process by which the collateral valuation is acquired ensures independence and quality." They "should also demonstrate whether the appraisal or evaluation report matches the letter of engagement, which gives an account of the scope of the appraisal assignment." Lastly, the Federal Reserve states that "some banks reinforce regular reviews with post-funding evaluations of appraisal quality for a few of their high-risk or large-value affairs as a means to assist in exposing valuation problems."
In addition to conforming our work to the processes and guidelines of our review customers, there are four Fannie Mae forms that are normally used for review services, and we will develop an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At All City Appraisal, we are skilled in every type of appraisal review, review process and the responsibilities of review appraisers.
We are familiar with what the most frequent defects are, especially in our home market, as well as what represents a quality appraisal. We're also sufficiently trained to realize that the competitors in our market are capable of quality work. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can rely on us to objectively valuate appraisal reports performed by others. And those others might be studying our work, too!
You can trust All City Appraisal for our neutral judgment, because we offer professional, fair, ethical appraisal review services for our clients. Contact All City Appraisal regarding our qualifications, expertise and service offerings.