Experienced Appraisal Reviews by Elite Appraisal Services
As said in an announcement by the Federal Reserve, "financial institutions must have effective, unbiased real estate appraisal and evaluation plans," and that appraisers doing reviews are obligated to "have the ability and skills to evaluate compliance with the Federal Reserves appraisal regulations and guidelines." If you need appraisal review services that are impartial, qualified, professional and compliant 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.
Appraisal reviews "should find out whether the appraisal or evaluation is pertinent for the transaction, the uncertainty of the transaction, and whether the methods by which the collateral valuation is attained guarantees independence and quality," the Federal Reserve says. In addition, they "must denote whether the appraisal or evaluation report is consistent with the engagement letter, which sets forth the scope of the appraisal assignment." The Federal Reserve also says that "some banks supplement regular reviews with post-funding surveys of appraisal quality for a few of their high-risk or larger-value transactions as a way to assist in detecting valuation disputes."
In addition to conforming our work to the regulations and guidelines of our review clients, there are four Fannie Mae forms that are widely used for review services, and we can 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. At Elite Appraisal Services, we are trained in all forms of appraisal reviews, review practices and the obligations of review appraisers.
We know what represents a quality appraisal and what the most prevalent imperfections are, specifically in our real estate market. We're also experienced enough to realize that our competition in our market are capable of doing good work. 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 objectively examine appraisal reports executed by others. And those others could be evaluating our work, too!
You can depend on Elite Appraisal Services for our neutral judgment, because we offer professional, fair, ethical appraisal review services for our clients. Contact Elite Appraisal Services for more information regarding our qualifications, expertise and services offered.