Appraisal Reviews by James Earp Appraisal Service
As said in a statement by the Federal Reserve, "financial institutions are required to have an effective, impartial real estate appraisal and evaluation program," and that appraisers completing reviews are obligated to "have the knowledge and skillfulness to evaluate compliance with the Federal Reserves appraisal regulations and guidelines." If you need appraisal review services that are impartial, expert, professional and compliant with the Federal Reserve's regulations, contact James Earp Appraisal Service.
If you have questions in reference to an appraisal, or if you're in the need of a real estate appraisal review, contact James Earp Appraisal Service today.
Appraisal reviews "must decide whether the appraisal or evaluation is applicable for the transaction, the uncertainty of the transaction, and whether the methods by which the collateral valuation is collected ensures independence and quality," the Federal Reserve says. They "should also indicate whether the appraisal or evaluation report matches the letter of engagement, which gives an account of the extent of the appraisal assignment." The Federal Reserve also states that "some institutions add typical reviews with post-funding evaluations of appraisal quality for any of their high-liability or greater-value contracts as a control to help in addressing valuation problems."
In addition to coordinating our work to the forms and guidelines of our review customers, there are four Fannie Mae forms that are primarily used for review services, and we'll produce an appraisal review on any one of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At James Earp Appraisal Service, we are skilled in all types of appraisal reviews, review procedures and the responsibilities of review appraisers.
We are familiar with what the most frequent defects are, particularly in our real estate market, as well as what constitutes a quality appraisal. In this regard, we are trained enough to recognize that the competition in our market are capable of doing a good job. 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 justly examine appraisal reports executed by others. And those others may be evaluating our work, too!
At James Earp Appraisal Service, you can rely on our honest judgment, because we offer professional, impartial, ethical appraisal review services for our clients. Contact James Earp Appraisal Service to learn more about our qualifications, expertise and service offerings.