Appraisal Reviews with Elite Appraisal Services
As said in a statement by the Federal Reserve, "financial institutions are required to have an effective, objective real estate appraisal and evaluation plan," and that appraisers completing reviews have to "have the ability and skillfulness to determine compliance with the Federal Reserves appraisal regulations and guidelines." For appraisal review services that are independent, qualified, professional and in accordance with the Federal Reserve's guidelines, look no further than Elite Appraisal Services.
If you need a real estate appraisal review or have questions in reference to an appraisal, call us today.
As stated by the Federal Reserve, appraisal reviews "should conclude whether the appraisal or evaluation is relevant for the transaction, the liability of the transaction, and whether the practices by which the collateral valuation is attained ensures independence and quality." Moreover, they "must announce whether the appraisal or evaluation report is even with the engagement letter, which gives an account of the extent of the appraisal assignment." The Federal Reserve also notes that "some banks reinforce periodic reviews with post-funding assessments of appraisal quality for some of their high-liability or greater-value contracts as a control to assist in discovering valuation dilemmas."
In addition to adapting our work to the practices and guidelines of our review clients, there are four Fannie Mae forms that are usually used for review services, and we can formulate 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 Elite Appraisal Services, we're trained in every kind of appraisal review, review practice and the requirements of review appraisers.
We're aware of what makes a quality appraisal and what the biggest imperfections are, particularly in our housing market. In this regard, we are sufficiently trained to acknowledge that our competitors in our market are skillful in doing a good job. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can rely on us to ethically study appraisal reports executed by others. And those others may be reviewing our work, too!
For professional, fair, ethical appraisal review services and neutral judgments, you can count on Elite Appraisal Services. Contact Elite Appraisal Services to learn more about our qualifications, expertise and service offerings.