Appraisal Reviews with Pierce Appraisal
According to an announcement by the Federal Reserve, "financial institutions are required to have effective, impartial real estate appraisal and evaluation procedures," and that appraisers performing reviews ought to "have the knowledge and skillfulness to determine compliance with the Federal Reserves appraisal rules and guidelines." Pierce Appraisal provides appraisal review services that are unbiased, expert, professional and square with the Federal Reserve's guidelines.
If you need a real estate appraisal review or have questions regarding an appraisal, call us today.
Appraisal reviews "ought to figure out whether the appraisal or evaluation is fitting for the transaction, the risk of the transaction, and whether the actions by which the collateral valuation is obtained guarantees independence and quality," the Federal Reserve says. They "must also denote whether the appraisal or evaluation report is true to the letter of engagement, which sets forth the capacity of the appraisal assignment." Lastly, the Federal Reserve states that "some financial institutions reinforce regular reviews with post-funding surveys of appraisal quality for a few of their higher-risk or larger-value dealings as a means to aid in revealing valuation dilemmas."
In addition to tailoring our work to the procedures and guidelines of our review customers, there are four Fannie Mae forms that are largely 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 Pierce Appraisal, we're trained in all forms of appraisal reviews, review practices and the responsibilities of review appraisers.
Pierce Appraisal is aware of what represents a quality appraisal and what the most common defects are, specifically in our real estate market. Concurrently, we're experienced enough to recognize that our competition in our market are able to do good work. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can trust Pierce Appraisal to fairly evaluate appraisal reports done by others. And those others could be reviewing our work, too!
Here at Pierce Appraisal, you can count on our independent judgment, because we offer professional, fair, ethical appraisal review services for our clients. Contact us for more information regarding our qualifications, expertise and service offerings.