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Appraisal Reviews with Quality Appraisals, LLC
According to an announcement
by the Federal Reserve (click here), "financial institutions must have an effective, independent real estate appraisal and evaluation program" and that
it's the obligation of appraisers fulfilling reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines."
Quality Appraisals, LLC provides 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 applicable for the transaction, the exposure inherit in the transaction, and whether the procedures by which the collateral valuation is accomplished guarantees independence and quality.
Moreover, they should signify whether the appraisal or evaluation report is in line with the letter of engagement, which describes the capacity of the appraisal assignment.
The Federal Reserve 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".
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If you need a real estate appraisal review or have questions regarding an appraisal, contact us today. |
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In addition to conforming our work to the processes and guidelines of our review clients, there are four Fannie Mae forms that are largely 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.
At Quality Appraisals, LLC, we are experienced in all types of appraisal reviews, review practices and the obligations of review appraisers.
We are aware of what constitutes a quality appraisal and what the biggest defects are, particularly for reports in our home market.
The professionals at Quality Appraisals, LLC are also experienced enough to recognize that the competitors in our market are skillful in doing good work.
The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can count on us to fairly look over appraisal reports executed by others. And those others may be evaluating our work, too!
When you choose Quality Appraisals, LLC, you can trust our neutral judgment, because we offer professional, impartial, ethical appraisal review services for our customers.
Contact us for more information about our qualifications, expertise and service offerings.
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