Appraisal Reviews by Elite Appraisal Services
As said in a statement by the Federal Reserve, "financial institutions must have an effective, impartial real estate appraisal and evaluation plan," and that appraisers performing reviews have to "have the familiarity and skillfulness to determine compliance with the Federal Reserves appraisal regulations and guidelines." Elite Appraisal Services provides appraisal review services that are objective, expert, professional and in line with the Federal Reserve's rules.
If you're in the need of a real estate appraisal review or have questions about an appraisal, contact us today.
The Federal Reserve says appraisal reviews "ought to conclude whether the appraisal or evaluation is pertinent for the transaction, the liability of the transaction, and whether the manners by which the collateral valuation is attained guarantees independence and quality." They "should also signify whether the appraisal or evaluation report is consistent with the engagement letter, which sets forth the scope of the appraisal assignment." Last, The Federal Reserve says that "some financial institutions add routine reviews with post-funding assessments of appraisal quality for a few of their higher-risk or high-value dealings as a means to help in exposing valuation problems."
In addition to coordinating our work to the procedures and guidelines of our review customers, there are four Fannie Mae forms that are mostly used for review services, and we can develop 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 experienced in all kinds of appraisal reviews, review processes and the obligations of review appraisers.
We know what the most common defects are, specifically in our real estate market. We also understand what amounts to a quality appraisal. The professionals at Elite Appraisal Services are also adequately skilled to identify that our competition in our market are able to do a good job. 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 ethically study appraisal reports performed by others. And those others could be reviewing our work, too!
When you choose Elite Appraisal Services, you can count on our independent judgment, because we offer professional, fair, ethical appraisal review services for our customers. Contact us for more information regarding our qualifications, expertise and services offered.