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 performing reviews must "have the familiarity and expertise to evaluate compliance with the Federal Reserves appraisal rules and guidelines." ASAP Appraisal Group provides appraisal review services that are independent, efficient, professional and compliant with the Federal Reserve's guidelines.
If you're in the need of a real estate appraisal review or have questions in reference to an appraisal, call us today.
Appraisal reviews "should decide whether the appraisal or evaluation is appropriate for the transaction, the risk of the transaction, and whether the procedures by which the collateral valuation is accomplished guarantees independence and quality," according to the Federal Reserve. They "must also show whether the appraisal or evaluation report matches the letter of engagement, which sets forth the range of the appraisal assignment." The Federal Reserve also notes that "some institutions add regular reviews with post-funding assessments of appraisal quality for some of their high-risk or larger-value dealings as a way to help in exposing valuation disputes."
In addition to conforming our work to the practices and guidelines of our review customers, there are four Fannie Mae forms that are typically 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. Here at ASAP Appraisal Group, we're experienced in every type of appraisal review, review practice and the requirements of review appraisers.
We understand what the most prevalent deficiencies are, especially in our home market, as well as what constitutes a quality appraisal. We're also experienced enough to distinguish that our competition in our market are capable of doing a great job. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can trust ASAP Appraisal Group to lawfully review appraisal reports carried out by others. And those others may be examining our work, too!
For professional, fair, ethical appraisal review services and honest judgments, you can rely on ASAP Appraisal Group. Contact ASAP Appraisal Group regarding our qualifications, expertise and service offerings.