Expert Appraisal Reviews by Allen Appraisal Service
As said in an announcement by the Federal Reserve, "financial institutions are obligated to have effective, objective real estate appraisal and evaluation plans," and that appraisers doing reviews must "have the familiarity and expertise to determine compliance with the Federal Reserves appraisal regulations and guidelines." Allen Appraisal Service provides appraisal review services that are objective, expert, professional and in accordance with the Federal Reserve's guidelines.
If you need a real estate appraisal review or have questions in reference to an appraisal, call us today.
Appraisal reviews "should conclude whether the appraisal or evaluation is applicable for the transaction, the risk of the transaction, and whether the processes by which the collateral valuation is obtained ensures independence and quality," the Federal Reserve says. In addition, they "should signify whether the appraisal or evaluation report is consistent with the engagement letter, which describes the extent of the appraisal assignment." Last, The Federal Reserve notes that "some financial institutions reinforce periodic reviews with post-funding evaluations of appraisal quality for some of their high-risk or large-value affairs as a channel to assist in discovering valuation issues."
In addition to tailoring our work to the practices and guidelines of our review customers, there are four Fannie Mae forms that are usually used for review services, and we'll produce an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At Allen Appraisal Service, we are experienced in every type of appraisal review, review practice and the responsibilities of review appraisers.
We understand what the most prevalent weaknesses are, especially in our home market. We also know what makes a quality appraisal. In the same regard, we are experienced enough to admit that the competitors in our market are capable of 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 lawfully review appraisal reports carried out by others. And those others could be evaluating our work, too!
At Allen Appraisal Service, you can be sure of our neutral judgment, because we offer professional, objective, ethical appraisal review services for our customers. Contact us for more information regarding our qualifications, expertise and services offered.