Quality Appraisal Reviews with Elite Appraisal Services
According to a statement by the Federal Reserve, "financial institutions are obligated to have an effective, objective real estate appraisal and evaluation plan," and that appraisers doing reviews should "have the knowledge and skillfulness to determine compliance with the Federal Reserves appraisal rules and guidelines." For appraisal review services that are impartial, qualified, professional and square with the Federal Reserve's guidelines, contact Elite Appraisal Services.
If you have questions regarding an appraisal, or if you're in the need of a real estate appraisal review, call Elite Appraisal Services today.
As stated by the Federal Reserve, appraisal reviews "have to conclude whether the appraisal or evaluation is applicable for the transaction, the uncertainty of the transaction, and whether the practices by which the collateral valuation is collected ensures independence and quality." They "should also signify whether the appraisal or evaluation report matches the engagement letter, which gives an account of the range of the appraisal assignment." Lastly, the Federal Reserve states that "some banks augment periodic reviews with post-funding surveys of appraisal quality for a number of their high-liability or high-value contracts as a way to aid in identifying valuation dilemmas."
In addition to coordinating our work to the forms and guidelines of our review clients, there are four Fannie Mae forms that are typically used for review services, and we will 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 Elite Appraisal Services, we are trained in all forms of appraisal reviews, review processes and the obligations of review appraisers.
We know what represents a quality appraisal and what the most frequent weaknesses are, specifically in our real estate market. We're also adequately experienced to know that the competition in our market are capable of doing quality work. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can trust Elite Appraisal Services to lawfully examine appraisal reports carried out by others. And those others may be evaluating our work, too!
You can trust Elite Appraisal Services for our independent judgment, because we offer professional, objective, ethical appraisal review services for our clients. Contact us for more information regarding our qualifications, expertise and service offerings.