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 doing reviews must "have the knowledge and skillfulness to determine compliance with the Federal Reserves appraisal rules and guidelines." For appraisal review services that are unbiased, efficient, professional and square with the Federal Reserve's regulations, just contact Allatoona Appraisal.
If you need a real estate appraisal review or have questions about an appraisal, contact us today.
According to the Federal Reserve, appraisal reviews "have to conclude whether the appraisal or evaluation is appropriate for the transaction, the liability of the transaction, and whether the procedure by which the collateral valuation is collected ensures independence and quality." They "should also denote 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 routine reviews with post-funding surveys of appraisal quality for any of their higher-risk or high-value transactions as a way to assist in revealing valuation complications."
In addition to coordinating our work to the practices and guidelines of our review customers, there are four Fannie Mae forms that are primarily used for review services, and we'll develop 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 are trained in all types of appraisal reviews, review processes and the obligations of review appraisers.
We realize what represents a quality appraisal and what the most common deficiencies are, particularly in our real estate market. In the same sense, we are professional enough to recognize that the competition in our market are skillful in doing a fine 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 evaluate appraisal reports carried out by others. And those others might be evaluating our work, too!
For professional, fair, ethical appraisal review services and honest judgments, you can rely on Allatoona Appraisal. Contact Allatoona Appraisal for more information about our qualifications, expertise and service offerings.