Appraisal Reviews by James Earp Appraisal Service
According to an announcement by the Federal Reserve, "financial institutions are required to have an effective, objective real estate appraisal and evaluation plan," and that appraisers completing reviews are obligated to "have the knowledge and skillfulness to evaluate compliance with the Federal Reserves appraisal regulations and guidelines." At James Earp Appraisal Service, we provide appraisal review services that are independent, expert, professional and square with the Federal Reserve's rules.
If you're in the need of a real estate appraisal review or have questions regarding an appraisal, call James Earp Appraisal Service today.
Appraisal reviews "ought to determine whether the appraisal or evaluation is well-suited for the transaction, the risk of the transaction, and whether the methods by which the collateral valuation is collected guarantees independence and quality," the Federal Reserve says. In addition, they "should denote whether the appraisal or evaluation report is consistent with the engagement letter, which sets forth the extent of the appraisal assignment." The Federal Reserve also states that "some institutions add periodic reviews with post-funding surveys of appraisal quality for some of their high-risk or greater-value affairs as a control to aid in revealing valuation issues."
In addition to coordinating our work to the procedures and guidelines of our review clients, there are four Fannie Mae forms that are typically used for review services, and we can produce 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 every form of appraisal review, review procedure and the obligations of review appraisers.
James Earp Appraisal Service is aware of what the biggest imperfections are, specifically in our real estate market, as well as what constitutes a quality appraisal. At the same time, the professionals at James Earp Appraisal Service are amply skilled to recognize that our competition in our market are capable of a good job. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can rely on us to ethically evaluate appraisal reports executed by others. And those others could be examining our work, too!
For professional, objective, ethical appraisal review services and independent judgments, you can depend on James Earp Appraisal Service. Contact James Earp Appraisal Service to learn more about our qualifications, expertise and services offered.