Appraisal Reviews by Allatoona Appraisal
According to a statement by the Federal Reserve, "financial institutions are required to have an effective, independent real estate appraisal and evaluation plan," and that appraisers fulfilling reviews ought to "have the knowledge and expertise to evaluate compliance with the Federal Reserves appraisal rules and guidelines." Here at Allatoona Appraisal, we provide appraisal review services that are independent, expert, professional and in line with the Federal Reserve's rules.
If you have questions in reference to an appraisal, or if you're in the need of a real estate appraisal review, call us today.
Appraisal reviews "ought to figure out whether the appraisal or evaluation is appropriate for the transaction, the liability of the transaction, and whether the practices by which the collateral valuation is attained ensures independence and quality," according to the Federal Reserve. In addition, they "must announce whether the appraisal or evaluation report is consistent with the letter of engagement, which sets forth the range of the appraisal assignment." Lastly, the Federal Reserve notes that "some financial institutions supplement routine reviews with post-funding surveys of appraisal quality for some of their higher-risk or high-value dealings as a method to help in uncovering valuation concerns."
In addition to coordinating our work to the practices and guidelines of our review clients, there are four Fannie Mae forms that are mostly used for review services, and we can produce an appraisal review on any one of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. Here at Allatoona Appraisal, we're qualified in every type of appraisal review, review practice and the obligations of review appraisers.
We realize what the most prevalent imperfections are, specifically in our housing market, as well as what makes a quality appraisal. We're also trained enough to admit that our competitors in our market are qualified to do quality work. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can count on us to ethically study appraisal reports performed by others. And those others may be examining our work, too!
At Allatoona Appraisal, you can count on our honest judgment, because we offer professional, fair, ethical appraisal review services for our customers. Contact us regarding our qualifications, expertise and service offerings.