Appraisal Reviews by Elite Appraisal Services
As stated in an announcement by the Federal Reserve, "financial institutions are required to have an effective, unbiased real estate appraisal and evaluation program," and that appraisers completing reviews are obligated to "have the knowledge and skills to determine compliance with the Federal Reserves appraisal rules and guidelines." Elite Appraisal Services provides appraisal review services that are objective, expert, professional and square with the Federal Reserve's rules.
If you have questions in reference to an appraisal, or if you need a real estate appraisal review, call Elite Appraisal Services today.
Appraisal reviews "must conclude whether the appraisal or evaluation is fitting for the transaction, the uncertainty of the transaction, and whether the processes by which the collateral valuation is collected ensures independence and quality," as stated by the Federal Reserve. They "must also show whether the appraisal or evaluation report is true to the engagement letter, which gives an account of the capacity of the appraisal assignment." The Federal Reserve also notes that "some banks augment typical reviews with post-funding evaluations of appraisal quality for a number of their higher-liability or large-value dealings as a control to assist in addressing valuation dilemmas."
In addition to conforming our work to the processes and guidelines of our review clients, there are four Fannie Mae forms that are typically used for review services, and we can produce 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 Elite Appraisal Services, we're skilled in all forms of appraisal reviews, review processes and the obligations of review appraisers.
We realize what the biggest weaknesses are, especially in our real estate market, as well as what makes a quality appraisal. At the same time, the professionals at Elite Appraisal Services are amply experienced to respect that our competitors in our market are qualified to do a fine job. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can rely on Elite Appraisal Services to fairly assess appraisal reports completed by others. And those others may be examining our work, too!
For professional, unbiased, ethical appraisal review services and independent judgments, you can count on Elite Appraisal Services. Contact Elite Appraisal Services regarding our qualifications, expertise and services offered.