Expert Appraisal Reviews with Elite Appraisal Services
According to a statement by the Federal Reserve, "financial institutions are required to have an effective, independent real estate appraisal and evaluation plan," and that appraisers fulfilling reviews have to "have the familiarity and skillfulness to assess compliance with the Federal Reserves appraisal rules and guidelines." For appraisal review services that are independent, qualified, professional and square with the Federal Reserve's rules, just contact Elite Appraisal Services.
If you need a real estate appraisal review or have questions about an appraisal, contact us today.
Appraisal reviews "ought to decide whether the appraisal or evaluation is applicable for the transaction, the danger of the transaction, and whether the manner by which the collateral valuation is attained guarantees 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 sets forth the extent of the appraisal assignment." Lastly, the Federal Reserve notes that "some banks supplement regular reviews with post-funding evaluations of appraisal quality for any of their high-risk or high-value dealings as a control to assist in discovering valuation dilemmas."
In addition to adjusting our work to the processes and guidelines of our review customers, there are four Fannie Mae forms that are widely used for review services, and we can prepare an appraisal review on any one of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. Here at Elite Appraisal Services, we are qualified in every form of appraisal review, review process and the obligations of review appraisers.
We know what the greatest weaknesses are, particularly in our real estate market. We also understand what amounts to a quality appraisal. Concurrently, we're sufficiently trained to identify that the competition in our market are capable of quality work. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can trust us to fairly assess appraisal reports done by others. And those others could be reviewing our work, too!
At Elite Appraisal Services, you can rely on our truthful judgment, because we offer professional, impartial, ethical appraisal review services for our customers. Contact Elite Appraisal Services regarding our qualifications, expertise and service offerings.