Expert Appraisal Reviews with Elite Appraisal Services
According to a statement by the Federal Reserve, "financial institutions must have effective, independent real estate appraisal and evaluation procedures," and that appraisers performing 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 compliant with the Federal Reserve's guidelines.
If you have questions in reference to an appraisal, or if you need a real estate appraisal review, contact Elite Appraisal Services today.
Appraisal reviews "must find out whether the appraisal or evaluation is appropriate for the transaction, the danger of the transaction, and whether the means by which the collateral valuation is acquired ensures independence and quality," the Federal Reserve says. In addition, they "should signify whether the appraisal or evaluation report matches the engagement letter, which gives an account of the outlook of the appraisal assignment." The Federal Reserve also states that "some financial institutions augment typical reviews with post-funding surveys of appraisal quality for a few of their high-liability or higher-value affairs as a method to assist in revealing valuation complications."
In addition to adapting our work to the regulations and guidelines of our review customers, there are four Fannie Mae forms that are typically used for review services, and we'll prepare an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At Elite Appraisal Services, we are trained in every form of appraisal review, review procedure and the obligations of review appraisers.
We're aware of what the biggest deficiencies are, particularly in our real estate market. We also understand what represents a quality appraisal. In the same sense, we're amply skilled to admit that the competition in our market are capable of a good job. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can trust Elite Appraisal Services to lawfully study appraisal reports done by others. And those others may be evaluating our work, too!
For professional, impartial, ethical appraisal review services and truthful judgments, you can count on Elite Appraisal Services. Contact us regarding our qualifications, expertise and services offered.