Appraisal Reviews with Pierce Appraisal
As said in a statement by the Federal Reserve, "financial institutions are required to have effective, objective real estate appraisal and evaluation programs," and that appraisers doing reviews are obligated to "have the proficiency and skills to determine compliance with the Federal Reserves appraisal regulations and guidelines." Here at Pierce Appraisal, we provide appraisal review services that are independent, qualified, professional and compliant with the Federal Reserve's regulations.
If you're in the need of a real estate appraisal review or have questions about an appraisal, contact us today.
As stated by the Federal Reserve, appraisal reviews "must find out whether the appraisal or evaluation is pertinent for the transaction, the risk of the transaction, and whether the procedures by which the collateral valuation is accomplished guarantees independence and quality." Moreover, they "must signify whether the appraisal or evaluation report is even with the letter of engagement, which describes the outlook of the appraisal assignment." The Federal Reserve also says that "some institutions add typical reviews with post-funding evaluations of appraisal quality for some of their high-liability or high-value dealings as a way to assist in discovering valuation complications."
In addition to conforming our work to the procedures and guidelines of our review customers, there are four Fannie Mae forms that are typically used for review services, and we'll formulate 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 are qualified in every kind of appraisal review, review practice and the responsibilities of review appraisers.
Pierce Appraisal is aware of what constitutes a quality appraisal and what the greatest deficiencies are, specifically in our real estate market. The professionals at Pierce Appraisal are also skilled enough to realize that the competitors in our market are capable of doing good work. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can trust us to lawfully study appraisal reports performed by others. And those others may be examining our work, too!
You can count on Pierce Appraisal for our honest judgment, because we offer professional, fair, ethical appraisal review services for our customers. Contact Pierce Appraisal regarding our qualifications, expertise and service offerings.