Appraisal Reviews with James Earp Appraisal Service
According to a statement by the Federal Reserve, "financial institutions are obligated to have an effective, objective real estate appraisal and evaluation plan," and that appraisers fulfilling reviews have to "have the proficiency and expertise to evaluate compliance with the Federal Reserves appraisal rules and guidelines." Here at James Earp Appraisal Service, we provide appraisal review services that are independent, qualified, professional and in line with the Federal Reserve's rules.
If you need a real estate appraisal review or have questions regarding an appraisal, contact James Earp Appraisal Service today.
As stated by the Federal Reserve, appraisal reviews "ought to decide whether the appraisal or evaluation is pertinent for the transaction, the risk of the transaction, and whether the procedure by which the collateral valuation is acquired ensures independence and quality." They "must also show whether the appraisal or evaluation report is consistent with the engagement letter, which gives an account of the extent of the appraisal assignment." The Federal Reserve also states that "some institutions add periodic reviews with post-funding assessments of appraisal quality for some of their high-liability or large-value transactions as a channel to help in identifying valuation problems."
In addition to tailoring our work to the regulations and guidelines of our review customers, there are four Fannie Mae forms that are largely used for review services, and we will develop 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 experienced in all types of appraisal reviews, review practices and the responsibilities of review appraisers.
We are aware of what amounts to a quality appraisal and what the biggest imperfections are, specifically in our housing market. Concurrently, we are amply skilled to identify that our competition in our market are capable of quality work. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can count on James Earp Appraisal Service to lawfully study appraisal reports completed by others. And those others could be studying our work, too!
For professional, unbiased, ethical appraisal review services and truthful judgments, you can depend on James Earp Appraisal Service. Contact James Earp Appraisal Service regarding our qualifications, expertise and services offered.