Appraisal Reviews with Elite Appraisal Services
As said in an announcement by the Federal Reserve, "financial institutions are required to have effective, objective real estate appraisal and evaluation procedures," and that appraisers completing reviews have to "have the familiarity and expertise to evaluate compliance with the Federal Reserves appraisal regulations and guidelines." Elite Appraisal Services provides appraisal review services that are independent, expert, professional and in line with the Federal Reserve's regulations.
If you have questions in reference to an appraisal, or if you need a real estate appraisal review, call us today.
Appraisal reviews "have to verify whether the appraisal or evaluation is well-suited for the transaction, the danger of the transaction, and whether the means by which the collateral valuation is obtained ensures independence and quality," as stated by the Federal Reserve. Moreover, they "must announce whether the appraisal or evaluation report is true to the letter of engagement, which gives an account of the outlook of the appraisal assignment." The Federal Reserve also says that "some financial institutions add periodic reviews with post-funding evaluations of appraisal quality for a few of their high-risk or high-value dealings as a means to assist in detecting valuation complications."
In addition to coordinating our work to the processes and guidelines of our review clients, there are four Fannie Mae forms that are mostly used for review services, and we can 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're trained in all forms of appraisal reviews, review procedures and the obligations of review appraisers.
We are familiar with what the greatest deficiencies are, specifically in our housing market. We also know what amounts to a quality appraisal. The professionals at Elite Appraisal Services are also adequately skilled to admit that our competitors in our market are capable of doing 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 objectively look over appraisal reports performed by others. And those others could be examining our work, too!
For professional, impartial, ethical appraisal review services and independent judgments, you can depend on Elite Appraisal Services. Contact Elite Appraisal Services regarding our qualifications, expertise and service offerings.