|
Appraisal ReviewsAs stated in an announcement by the Federal Reserve (click here), "financial institutions must have an effective, independent real estate appraisal and evaluation program" and that appraisers fulfilling reviews ought to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Elite Appraisal Services provides appraisal review services that are impartial, efficient, professional and in line with the Federal Reserve's rules.A review appraisal should determine: whether the original appraisal or evaluation is fitting for the transaction, the exposure inherit in the transaction, and whether the process by which the property valuation is acquired ensures independence and quality. Moreover, they should show whether the appraisal or evaluation report matches the letter of engagement, which sets forth the range of the appraisal assignment. The Fed also notes that "some banks supplement routine reviews with post-funding evaluations of appraisal quality for some of their higher-risk or greater-value transactions as a control to assist in detecting valuation problems".
In addition to adapting our work to the practices and guidelines of our review clients, there are four Fannie Mae forms that are largely 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. Here at Elite Appraisal Services, we're qualified in all kinds of appraisal reviews, review procedures and the obligations of review appraisers.
For professional, objective, ethical appraisal review services and honest judgments, you can count on Elite Appraisal Services. Contact Elite Appraisal Services for more information regarding our qualifications, expertise and services offered. |
|||||||||
We are familiar with what the most likely report inadequacies are, especially in our real estate market, as well as what represents a quality appraisal.
At the same time, the professionals at Elite Appraisal Services are adequately trained to identify that our competition in our market are capable of quality work.
The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can rely on us to justly study appraisal reports performed by others. And those others could be evaluating our work, too!