Experienced Appraisal Reviews by Elite Appraisal Services
According to an announcement by the Federal Reserve, "financial institutions are required to have an effective, independent real estate appraisal and evaluation plan," and that appraisers doing reviews are obligated to "have the knowledge and skills to assess compliance with the Federal Reserves appraisal regulations and guidelines." At Elite Appraisal Services, we provide appraisal review services that are objective, efficient, professional and in line with the Federal Reserve's regulations.
If you're in the need of a real estate appraisal review or have questions in reference to an appraisal, contact us today.
According to the Federal Reserve, appraisal reviews "should verify whether the appraisal or evaluation is suitable for the transaction, the risk of the transaction, and whether the method by which the collateral valuation is collected ensures independence and quality." They "should also denote whether the appraisal or evaluation report is even with the letter of engagement, which describes the capacity of the appraisal assignment." Last, The Federal Reserve notes that "some banks reinforce regular reviews with post-funding evaluations of appraisal quality for a few of their high-risk or large-value transactions as a channel to help in detecting valuation disputes."
In addition to adjusting our work to the regulations and guidelines of our review customers, there are four Fannie Mae forms that are usually 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're experienced in every kind of appraisal review, review procedure and the responsibilities of review appraisers.
We are familiar with what constitutes a quality appraisal and what the most common inadequacies are, especially in our home market. The professionals at Elite Appraisal Services are also adequately experienced to recognize that our competitors in our market are able to do a good job. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can count on Elite Appraisal Services to lawfully review appraisal reports carried out by others. And those others may be studying our work, too!
In short, at Elite Appraisal Services, you can count on our honest judgment, because we offer professional, fair, ethical appraisal review services for our customers. Contact us to learn more about our qualifications, expertise and service offerings.