Appraisal Reviews by ASAP Appraisal Group
As said in a statement by the Federal Reserve, "financial institutions must have an effective, impartial real estate appraisal and evaluation plan," and that appraisers completing reviews must "have the ability and expertise to evaluate compliance with the Federal Reserves appraisal rules and guidelines." ASAP Appraisal Group provides appraisal review services that are objective, efficient, professional and square 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, contact us today.
Appraisal reviews "must determine whether the appraisal or evaluation is appropriate for the transaction, the danger of the transaction, and whether the procedure by which the collateral valuation is accomplished ensures independence and quality," as stated by the Federal Reserve. They "should also show whether the appraisal or evaluation report is true to the letter of engagement, which describes the range of the appraisal assignment." Last, The Federal Reserve states that "some financial institutions augment periodic reviews with post-funding surveys of appraisal quality for some of their high-liability or larger-value affairs as a means to assist in addressing valuation issues."
In addition to coordinating our work to the processes and guidelines of our review customers, there are four Fannie Mae forms that are normally used for review services, and we can formulate 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 all kinds of appraisal reviews, review practices and the obligations of review appraisers.
We are aware of what the greatest defects are, particularly in our real estate market. We also understand what constitutes a quality appraisal. We're also sufficiently skilled to realize that our competitors in our market are skillful in doing a great job. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can count on us to fairly study appraisal reports executed by others. And those others might be evaluating our work, too!
For professional, fair, ethical appraisal review services and truthful judgments, you can count on ASAP Appraisal Group. Contact us regarding our qualifications, expertise and services offered.