Quality Appraisal Reviews by Elite Appraisal Services
According to a statement by the Federal Reserve, "financial institutions must have effective, objective real estate appraisal and evaluation plans," and that appraisers doing reviews are obligated to "have the familiarity and skills to determine compliance with the Federal Reserves appraisal regulations and guidelines." If you're looking for appraisal review services that are impartial, qualified, professional and in line with the Federal Reserve's guidelines, look no further than Elite Appraisal Services.
If you're in the need of a real estate appraisal review or have questions regarding an appraisal, contact Elite Appraisal Services today.
As stated by the Federal Reserve, appraisal reviews "ought to conclude whether the appraisal or evaluation is appropriate for the transaction, the risk of the transaction, and whether the methods by which the collateral valuation is collected guarantees independence and quality." Moreover, they "must announce whether the appraisal or evaluation report matches the engagement letter, which sets forth the outlook of the appraisal assignment." Last, The Federal Reserve states that "some banks supplement routine reviews with post-funding assessments of appraisal quality for a number of their higher-risk or high-value contracts as a way to aid in revealing valuation dilemmas."
In addition to tailoring our work to the processes and guidelines of our review customers, there are four Fannie Mae forms that are generally 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. At Elite Appraisal Services, we're skilled in every form of appraisal review, review practice and the requirements of review appraisers.
We're aware of what the greatest deficiencies are, particularly in our housing market, as well as what constitutes a quality appraisal. At the same time, we are experienced enough to acknowledge that the competitors in our market are capable of doing good work. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can count on us to lawfully valuate appraisal reports completed by others. And those others might be evaluating our work, too!
For professional, unbiased, ethical appraisal review services and honest judgments, you can depend on Elite Appraisal Services. Contact Elite Appraisal Services to learn more about our qualifications, expertise and services offered.