Appraisal Reviews by Elite Appraisal Services
As said in a statement by the Federal Reserve, "financial institutions are required to have an effective, impartial real estate appraisal and evaluation program," and that appraisers fulfilling reviews are obligated to "have the ability and expertise to assess compliance with the Federal Reserves appraisal rules and guidelines." If you're looking for appraisal review services that are unbiased, qualified, professional and square with the Federal Reserve's guidelines, look no further than Elite Appraisal Services.
If you have questions regarding an appraisal, or if you're in the need of a real estate appraisal review, contact us today.
The Federal Reserve says appraisal reviews "have to decide whether the appraisal or evaluation is appropriate for the transaction, the uncertainty of the transaction, and whether the method by which the collateral valuation is accomplished ensures independence and quality." In addition, they "should denote whether the appraisal or evaluation report is compatible with the letter of engagement, which sets forth the outlook of the appraisal assignment." The Federal Reserve also says that "some institutions augment periodic reviews with post-funding evaluations of appraisal quality for a few of their high-liability or greater-value contracts as a means to help in identifying valuation complications."
In addition to conforming our work to the regulations and guidelines of our review customers, there are four Fannie Mae forms that are normally 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 qualified in every form of appraisal review, review practice and the responsibilities of review appraisers.
Elite Appraisal Services knows what the most common deficiencies are, specifically in our housing market, as well as what makes a quality appraisal. We're also amply trained to admit that the competitors in our market are skillful in doing good work. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can trust Elite Appraisal Services to justly evaluate appraisal reports carried out by others. And those others might be studying our work, too!
In short, at Elite Appraisal Services, you can count on our neutral judgment, because we offer professional, unbiased, ethical appraisal review services for our customers. Contact Elite Appraisal Services to learn more about our qualifications, expertise and service offerings.