Appraisal Reviews by ASAP Appraisal Group
According to a statement by the Federal Reserve, "financial institutions are obligated to have an effective, unbiased real estate appraisal and evaluation program," and that appraisers performing reviews are obligated to "have the proficiency and expertise to assess compliance with the Federal Reserves appraisal regulations and guidelines." For appraisal review services that are objective, qualified, professional and square with the Federal Reserve's guidelines, just contact ASAP Appraisal Group.
If you're in the need of a real estate appraisal review or have questions about an appraisal, contact us today.
The Federal Reserve says appraisal reviews "ought to determine whether the appraisal or evaluation is well-suited for the transaction, the risk of the transaction, and whether the manner by which the collateral valuation is obtained ensures independence and quality." In addition, they "must announce whether the appraisal or evaluation report is compatible with the letter of engagement, which describes the outlook of the appraisal assignment." Last, The Federal Reserve notes that "some banks add typical reviews with post-funding surveys of appraisal quality for any of their higher-risk or larger-value dealings as a means to help in addressing valuation concerns."
In addition to coordinating our work to the processes and guidelines of our review customers, there are four Fannie Mae forms that are mostly used for review services, and we will develop an appraisal review on any one of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At ASAP Appraisal Group, we are experienced in all kinds of appraisal reviews, review procedures and the requirements of review appraisers.
We know what the most frequent deficiencies are, specifically in our housing market, as well as what constitutes a quality appraisal. The professionals at ASAP Appraisal Group are also experienced enough to identify that our competitors in our market are qualified to do a fine job. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can count on ASAP Appraisal Group to lawfully examine appraisal reports carried out by others. And those others may be reviewing our work, too!
For professional, unbiased, ethical appraisal review services and honest judgments, you can depend on ASAP Appraisal Group. Contact ASAP Appraisal Group to learn more about our qualifications, expertise and services offered.