James Earp Appraisal Service Appraisal Reviews
As stated in an announcement by the Federal Reserve, "financial institutions are obligated to have an effective, objective real estate appraisal and evaluation program," and that appraisers doing reviews must "have the knowledge and skills to assess compliance with the Federal Reserves appraisal regulations and guidelines." At James Earp Appraisal Service, we provide appraisal review services that are impartial, efficient, professional and in line with the Federal Reserve's rules.
If you're in the need of a real estate appraisal review or have questions about an appraisal, call James Earp Appraisal Service today.
According to the Federal Reserve, appraisal reviews "have to find out whether the appraisal or evaluation is pertinent for the transaction, the uncertainty of the transaction, and whether the procedure by which the collateral valuation is obtained ensures independence and quality." Moreover, they "should indicate whether the appraisal or evaluation report matches the letter of engagement, which describes the extent of the appraisal assignment." Last, The Federal Reserve notes that "some banks reinforce periodic reviews with post-funding evaluations of appraisal quality for a few of their high-liability or high-value transactions as a control to help in discovering valuation dilemmas."
In addition to adjusting our work to the practices and guidelines of our review clients, there are four Fannie Mae forms that are normally used for review services, and we'll 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 James Earp Appraisal Service, we are qualified in every type of appraisal review, review procedure and the obligations of review appraisers.
We are aware of what the biggest defects are, specifically in our housing market, as well as what makes a quality appraisal. In the same regard, we're sufficiently trained to respect that the competitors in our market are able to do good work. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can rely on James Earp Appraisal Service to ethically assess appraisal reports completed by others. And those others could be examining our work, too!
You can trust James Earp Appraisal Service for our honest judgment, because we offer professional, unbiased, ethical appraisal review services for our clients. Contact James Earp Appraisal Service for more information about our qualifications, expertise and service offerings.