James Earp Appraisal Service Appraisal Reviews
As stated in an announcement by the Federal Reserve, "financial institutions are required to have an effective, unbiased real estate appraisal and evaluation program," and that appraisers fulfilling reviews ought to "have the proficiency and expertise to assess compliance with the Federal Reserves appraisal regulations and guidelines." At James Earp Appraisal Service, we provide appraisal review services that are objective, expert, 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 "must decide whether the appraisal or evaluation is suitable for the transaction, the danger of the transaction, and whether the process by which the collateral valuation is collected guarantees independence and quality," as stated by the Federal Reserve. In addition, they "must announce whether the appraisal or evaluation report is even with the engagement letter, which describes the scope of the appraisal assignment." Last, The Federal Reserve states that "some financial institutions reinforce routine reviews with post-funding surveys of appraisal quality for a few of their higher-risk or high-value transactions as a way to help in detecting valuation dilemmas."
In addition to adjusting our work to the procedures and guidelines of our review customers, there are four Fannie Mae forms that are mostly used for review services, and we will produce an appraisal review on any 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 experienced in all forms of appraisal reviews, review practices and the responsibilities of review appraisers.
We know what the biggest inadequacies are, particularly in our real estate market. We also understand what amounts to a quality appraisal. At the same time, we're proficient enough to distinguish that our competition in our market are qualified to do good work. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can trust us to objectively assess appraisal reports completed by others. And those others might be reviewing our work, too!
When you choose James Earp Appraisal Service, you can count on our neutral judgment, because we offer professional, objective, ethical appraisal review services for our clients. Contact James Earp Appraisal Service for more information about our qualifications, expertise and services offered.