Priority Appraisals Appraisal Reviews
According to an announcement by the Federal Reserve, "financial institutions are required to have effective, objective real estate appraisal and evaluation programs," and that appraisers doing reviews must "have the familiarity and expertise to assess compliance with the Federal Reserves appraisal regulations and guidelines." At Priority Appraisals, we provide appraisal review services that are impartial, expert, professional and in accordance with the Federal Reserve's regulations.
If you're in the need of a real estate appraisal review or have questions about an appraisal, call Priority Appraisals today.
Appraisal reviews "must decide whether the appraisal or evaluation is fitting for the transaction, the liability of the transaction, and whether the procedures by which the collateral valuation is acquired 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 letter of engagement, which gives an account of the capacity of the appraisal assignment." Last, The Federal Reserve says that "some financial institutions augment periodic reviews with post-funding surveys of appraisal quality for a number of their higher-liability or large-value affairs as a method to aid in uncovering valuation complications."
In addition to conforming 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 formulate 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 Priority Appraisals, we are qualified in all kinds of appraisal reviews, review practices and the requirements of review appraisers.
We are familiar with what the biggest defects are, especially in our real estate market, as well as what amounts to a quality appraisal. We're also skilled enough to distinguish that our competition in our market are capable of doing a great job. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can rely on Priority Appraisals to ethically assess appraisal reports done by others. And those others may be examining our work, too!
When you choose Priority Appraisals, you can have confidence in our honest judgment, because we offer professional, unbiased, ethical appraisal review services for our clients. Contact us to learn more about our qualifications, expertise and services offered.