Appraisal Reviews with Allatoona Appraisal
According to a statement by the Federal Reserve, "financial institutions are required to have effective, independent real estate appraisal and evaluation programs," and that appraisers performing reviews are obligated to "have the ability and skillfulness to determine compliance with the Federal Reserves appraisal rules and guidelines." At Allatoona Appraisal, we provide appraisal review services that are independent, efficient, professional and square with the Federal Reserve's regulations.
If you have questions in reference to an appraisal, or if you need a real estate appraisal review, contact us today.
Appraisal reviews "have to find out whether the appraisal or evaluation is suitable for the transaction, the danger of the transaction, and whether the methods by which the collateral valuation is attained ensures independence and quality," according to the Federal Reserve. Moreover, they "must demonstrate whether the appraisal or evaluation report is true to the letter of engagement, which sets forth the capacity of the appraisal assignment." The Federal Reserve also notes that "some financial institutions augment regular reviews with post-funding surveys of appraisal quality for some of their high-liability or high-value transactions as a way to assist in addressing valuation complications."
In addition to coordinating our work to the forms and guidelines of our review customers, there are four Fannie Mae forms that are primarily 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. At Allatoona Appraisal, we're skilled in all forms of appraisal reviews, review processes and the obligations of review appraisers.
Allatoona Appraisal knows what constitutes a quality appraisal and what the most frequent defects are, specifically in our housing market. We're also skilled enough to recognize that the competitors in our market are skillful in doing a good job. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can count on us to justly look over appraisal reports performed by others. And those others might be reviewing our work, too!
Here at Allatoona Appraisal, you can be sure of our neutral judgment, because we offer professional, unbiased, ethical appraisal review services for our clients. Contact us regarding our qualifications, expertise and service offerings.