Allen Appraisal Service Appraisal Reviews
As said in an announcement by the Federal Reserve, "financial institutions must have effective, objective real estate appraisal and evaluation plans," and that appraisers completing reviews are obligated to "have the proficiency and skillfulness to assess compliance with the Federal Reserves appraisal regulations and guidelines." If you need appraisal review services that are objective, qualified, professional and compliant with the Federal Reserve's guidelines, just contact Allen Appraisal Service.
If you need a real estate appraisal review or have questions in reference to an appraisal, contact us today.
According to the Federal Reserve, appraisal reviews "must decide whether the appraisal or evaluation is fitting for the transaction, the danger of the transaction, and whether the process by which the collateral valuation is collected ensures independence and quality." In addition, they "should indicate whether the appraisal or evaluation report is even with the engagement letter, which gives an account of the outlook of the appraisal assignment." Lastly, the Federal Reserve states that "some financial institutions add typical reviews with post-funding surveys of appraisal quality for a number of their high-risk or higher-value transactions as a means to aid in detecting valuation complications."
In addition to adapting our work to the processes and guidelines of our review clients, there are four Fannie Mae forms that are primarily used for review services, and we can formulate 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 Allen Appraisal Service, we're qualified in all forms of appraisal reviews, review procedures and the responsibilities of review appraisers.
We know what constitutes a quality appraisal and what the biggest weaknesses are, especially in our real estate market. The professionals at Allen Appraisal Service are also trained enough to recognize that our competitors in our market are capable of doing a fine job. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can trust us to objectively evaluate appraisal reports carried out by others. And those others may be evaluating our work, too!
You can trust Allen Appraisal Service for our honest judgment, because we offer professional, unbiased, ethical appraisal review services for our clients. Contact Allen Appraisal Service to learn more about our qualifications, expertise and service offerings.