Appraisal Reviews by Elite Appraisal Services
According to a statement by the Federal Reserve, "financial institutions are obligated to have an effective, unbiased real estate appraisal and evaluation program," and that appraisers doing reviews have to "have the knowledge and expertise to assess compliance with the Federal Reserves appraisal regulations and guidelines." Elite Appraisal Services provides appraisal review services that are impartial, expert, professional and in accordance with the Federal Reserve's guidelines.
If you have questions regarding an appraisal, or if you're in the need of a real estate appraisal review, call us today.
Appraisal reviews "should determine whether the appraisal or evaluation is well-suited for the transaction, the risk of the transaction, and whether the procedure by which the collateral valuation is acquired ensures independence and quality," as stated by the Federal Reserve. In addition, they "must signify whether the appraisal or evaluation report is even with the engagement letter, which gives an account of the scope of the appraisal assignment." Lastly, the Federal Reserve notes that "some institutions supplement typical reviews with post-funding surveys of appraisal quality for some of their higher-risk or large-value transactions as a way to assist in revealing valuation concerns."
In addition to coordinating our work to the processes and guidelines of our review clients, there are four Fannie Mae forms that are mostly used for review services, and we will produce 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 are trained in every form of appraisal review, review practice and the obligations of review appraisers.
We realize what represents a quality appraisal and what the most common defects are, particularly in our housing market. Concurrently, we are experienced enough to identify that the competitors in our market are skillful in doing a fine job. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can rely on Elite Appraisal Services to objectively assess appraisal reports carried out by others. And those others might be examining our work, too!
For professional, impartial, ethical appraisal review services and neutral judgments, you can depend on Elite Appraisal Services. Contact Elite Appraisal Services for more information regarding our qualifications, expertise and services offered.