Appraisal Reviews with Allatoona Appraisal
According to an announcement by the Federal Reserve, "financial institutions must have an effective, independent real estate appraisal and evaluation plan," and that appraisers completing reviews ought to "have the proficiency and skillfulness to determine compliance with the Federal Reserves appraisal rules and guidelines." Here at Allatoona Appraisal, we provide appraisal review services that are unbiased, qualified, professional and in accordance with the Federal Reserve's rules.
If you're in the need of a real estate appraisal review or have questions in reference to an appraisal, contact us today.
Appraisal reviews "must conclude whether the appraisal or evaluation is applicable for the transaction, the uncertainty of the transaction, and whether the manners by which the collateral valuation is collected guarantees independence and quality," according to the Federal Reserve. In addition, they "must show whether the appraisal or evaluation report is true to the letter of engagement, which gives an account of the capacity of the appraisal assignment." Lastly, the Federal Reserve says that "some banks augment regular reviews with post-funding evaluations of appraisal quality for a number of their higher-liability or larger-value transactions as a control to help in exposing valuation disputes."
In addition to coordinating our work to the regulations and guidelines of our review clients, there are four Fannie Mae forms that are mostly used for review services, and we'll prepare 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 Allatoona Appraisal, we're experienced in all kinds of appraisal reviews, review practices and the obligations of review appraisers.
We are familiar with what constitutes a quality appraisal and what the greatest defects are, particularly in our housing market. At the same time, we are adequately skilled to acknowledge that our competitors in our market are capable of doing a fine job. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can rely on us to objectively review appraisal reports done by others. And those others might be evaluating our work, too!
For professional, unbiased, ethical appraisal review services and honest judgments, you can rely on Allatoona Appraisal. Contact us for more information regarding our qualifications, expertise and service offerings.