Appraisal Reviews by James Earp Appraisal Service
As stated in an announcement by the Federal Reserve, "financial institutions are required to have effective, independent real estate appraisal and evaluation programs," and that appraisers performing reviews must "have the familiarity and expertise to determine compliance with the Federal Reserves appraisal rules and guidelines." James Earp Appraisal Service provides appraisal review services that are impartial, expert, professional and compliant with the Federal Reserve's rules.
If you have questions about an appraisal, or if you're in the need of a real estate appraisal review, call James Earp Appraisal Service today.
Appraisal reviews "have to determine whether the appraisal or evaluation is well-suited for the transaction, the liability of the transaction, and whether the means by which the collateral valuation is accomplished ensures independence and quality," according to the Federal Reserve. In addition, they "should signify whether the appraisal or evaluation report is even with the letter of engagement, which gives an account of the range of the appraisal assignment." Last, The Federal Reserve says that "some banks supplement periodic reviews with post-funding surveys of appraisal quality for any of their high-liability or high-value transactions as a channel to help in discovering 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'll 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 James Earp Appraisal Service, we're trained in every form of appraisal review, review practice and the requirements of review appraisers.
We are familiar with what amounts to a quality appraisal and what the most common inadequacies are, especially in our housing market. We're also sufficiently trained to respect that the competitors in our market are capable of quality work. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can trust us to ethically examine appraisal reports done by others. And those others could be examining our work, too!
In short, here at James Earp Appraisal Service, you can count on our neutral judgment, because we offer professional, fair, ethical appraisal review services for our clients. Contact James Earp Appraisal Service for more information about our qualifications, expertise and services offered.