Appraisal Reviews with ASAP Appraisal Group
As said in a statement by the Federal Reserve, "financial institutions must have effective, independent real estate appraisal and evaluation procedures," and that appraisers fulfilling reviews have to "have the familiarity and skills to evaluate compliance with the Federal Reserves appraisal rules and guidelines." Here at ASAP Appraisal Group, we provide appraisal review services that are independent, efficient, professional and in accordance with the Federal Reserve's regulations.
If you need a real estate appraisal review or have questions in reference to an appraisal, contact ASAP Appraisal Group today.
The Federal Reserve says appraisal reviews "must decide whether the appraisal or evaluation is well-suited for the transaction, the risk of the transaction, and whether the process by which the collateral valuation is obtained guarantees independence and quality." They "should also show whether the appraisal or evaluation report is true to the engagement letter, which sets forth the extent of the appraisal assignment." The Federal Reserve also says that "some financial institutions supplement periodic reviews with post-funding surveys of appraisal quality for a number of their high-liability or large-value transactions as a means to assist in detecting valuation issues."
In addition to tailoring our work to the forms and guidelines of our review customers, there are four Fannie Mae forms that are mostly used for review services, and we will prepare 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 ASAP Appraisal Group, we are skilled in all kinds of appraisal reviews, review practices and the requirements of review appraisers.
We know what makes a quality appraisal and what the most frequent inadequacies are, particularly in our housing market. We're also adequately trained to distinguish that our competitors in our market are qualified to do a fine 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 look over appraisal reports executed by others. And those others may be reviewing our work, too!
You can rely on ASAP Appraisal Group for our honest judgment, because we offer professional, unbiased, ethical appraisal review services for our customers. Contact us regarding our qualifications, expertise and service offerings.