As stated in an announcement by the Federal Reserve, "financial institutions must have an effective, unbiased real estate appraisal and evaluation program," and that appraisers performing reviews must "have the familiarity and skills to evaluate compliance with the Federal Reserves appraisal rules and guidelines." Pierce Appraisal provides appraisal review services that are impartial, expert, professional and compliant with the Federal Reserve's regulations.
If you have questions about an appraisal, or if you're in the need of a real estate appraisal review, call Pierce Appraisal today.
As stated by the Federal Reserve, appraisal reviews "should figure out whether the appraisal or evaluation is fitting for the transaction, the liability of the transaction, and whether the practices by which the collateral valuation is accomplished ensures independence and quality." They "must also indicate whether the appraisal or evaluation report is true to the engagement letter, which gives an account of the range of the appraisal assignment." Lastly, the Federal Reserve says that "some banks augment regular reviews with post-funding evaluations of appraisal quality for a few of their high-risk or large-value affairs as a method to aid in revealing valuation complications."
In addition to adjusting 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 of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At Pierce Appraisal, we're qualified in every kind of appraisal review, review practice and the responsibilities of review appraisers.
We understand what the most common deficiencies are, specifically in our home market, as well as what constitutes a quality appraisal. The professionals at Pierce Appraisal are also sufficiently trained to know that the competitors in our market are able to do quality work. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can count on Pierce Appraisal to fairly evaluate appraisal reports completed by others. And those others might be examining our work, too!
At Pierce Appraisal, you can rely on our neutral judgment, because we offer professional, impartial, ethical appraisal review services for our clients. Contact Pierce Appraisal to learn more about our qualifications, expertise and services offered.