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Qualified Appraisal Reviews by Elite Appraisal Services

According to an announcement by the Federal Reserve, "financial institutions are obligated to have effective, objective real estate appraisal and evaluation programs," and that appraisers completing reviews ought to "have the familiarity and skillfulness to determine compliance with the Federal Reserves appraisal regulations and guidelines." Elite Appraisal Services provides appraisal review services that are unbiased, expert, professional and in accordance with the Federal Reserve's guidelines.

If you have questions about an appraisal, or if you need a real estate appraisal review, contact us today.

Appraisal reviews "must determine whether the appraisal or evaluation is appropriate for the transaction, the uncertainty of the transaction, and whether the actions by which the collateral valuation is attained ensures independence and quality," according to the Federal Reserve. In addition, they "should show whether the appraisal or evaluation report is consistent with the engagement letter, which sets forth the extent of the appraisal assignment." The Federal Reserve also notes that "some banks supplement regular reviews with post-funding evaluations of appraisal quality for any of their higher-liability or larger-value transactions as a method to help in detecting valuation complications."

In addition to adapting our work to the forms and guidelines of our review customers, there are four Fannie Mae forms that are primarily used for review services, and we will 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 Elite Appraisal Services, we're qualified in every kind of appraisal review, review procedure and the responsibilities of review appraisers.

We are familiar with what constitutes a quality appraisal and what the most prevalent weaknesses are, particularly in our home market. We're also adequately skilled to realize that our competitors 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 count on Elite Appraisal Services to justly evaluate appraisal reports executed by others. And those others may be examining our work, too!

In short, when you choose Elite Appraisal Services, you can count on our independent judgment, because we offer professional, impartial, ethical appraisal review services for our clients. Contact us for more information regarding our qualifications, expertise and services offered.