Skilled Appraisal Reviews with Advance Appraisal ServiceAs said in a statement by the Federal Reserve (click here), "financial institutions must have an effective, independent real estate appraisal and evaluation program" and that appraisers engaged in reviews are compelled to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Here at Advance Appraisal Service, we provide appraisal review services that are impartial, efficient, professional and in line with the Federal Reserve's regulations.
The purpose of appraisal reviews are to reveal: whether the original appraisal or evaluation is fitting for the transaction, the exposure inherit in the transaction, and whether the manners by which the collateral valuation is attained ensures independence and quality. They should also announce whether the appraisal or evaluation report is consistent with the letter of engagement, which describes the depth of the appraisal assignment. The Federal Reserve says 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 coordinating our work to the processes and guidelines of our review customers, there are four Fannie Mae forms that are usually used for review services, and we'll 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 Advance Appraisal Service, we are skilled in every type of appraisal review, review practice and the requirements of review appraisers.
We are aware of what amounts to a quality appraisal and what the most prevalent defects are, specifically in our local real estate market. In the same regard, we're sufficiently experienced to acknowledge that our competitors in our market are capable of doing a good job. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can trust Advance Appraisal Service to ethically examine appraisal reports completed by others. And those others may be examining our work, too!
When you choose Advance Appraisal Service, you can have confidence in our truthful judgment, because we offer professional, impartial, ethical appraisal review services for our clients. Contact us for more information about our qualifications, expertise and services offered.