Qualified Appraisal Reviews by Allen Appraisal Service
According to a statement by the Federal Reserve, "financial institutions are required to have effective, impartial real estate appraisal and evaluation plans," and that appraisers completing reviews ought to "have the ability and skills to determine compliance with the Federal Reserves appraisal regulations and guidelines." At Allen Appraisal Service, we provide appraisal review services that are impartial, qualified, professional and in line with the Federal Reserve's rules.
If you need a real estate appraisal review or have questions in reference to an appraisal, contact Allen Appraisal Service today.
Appraisal reviews "should conclude whether the appraisal or evaluation is suitable for the transaction, the uncertainty of the transaction, and whether the processes by which the collateral valuation is acquired guarantees independence and quality," as stated by the Federal Reserve. In addition, they "should signify whether the appraisal or evaluation report matches the letter of engagement, which describes the range of the appraisal assignment." Lastly, the Federal Reserve states that "some institutions add regular reviews with post-funding assessments of appraisal quality for any of their higher-risk or higher-value transactions as a control to aid in exposing valuation concerns."
In addition to adapting our work to the procedures and guidelines of our review clients, there are four Fannie Mae forms that are widely 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 trained in all forms of appraisal reviews, review processes and the requirements of review appraisers.
Allen Appraisal Service realizes what the most prevalent deficiencies are, particularly in our housing market, as well as what amounts to a quality appraisal. Concurrently, we're adequately trained to respect that the competitors in our market are qualified to do a great job. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can rely on Allen Appraisal Service to justly valuate appraisal reports completed by others. And those others may be examining our work, too!
In short, when you choose Allen Appraisal Service, you can have confidence in our neutral judgment, because we offer professional, impartial, ethical appraisal review services for our customers. Contact us to learn more about our qualifications, expertise and service offerings.