Appraisal Reviews by Pierce Appraisal
As said in an announcement by the Federal Reserve, "financial institutions are required to have an effective, unbiased real estate appraisal and evaluation program," and that appraisers performing reviews are obligated to "have the proficiency and skills to assess compliance with the Federal Reserves appraisal regulations and guidelines." Here at Pierce Appraisal, we provide appraisal review services that are objective, efficient, professional and square with the Federal Reserve's regulations.
If you need a real estate appraisal review or have questions in reference to an appraisal, contact us today.
According to the Federal Reserve, appraisal reviews "ought to find out whether the appraisal or evaluation is well-suited for the transaction, the risk of the transaction, and whether the practices by which the collateral valuation is attained ensures independence and quality." Moreover, they "should announce whether the appraisal or evaluation report is compatible with the letter of engagement, which gives an account of the capacity of the appraisal assignment." Lastly, the Federal Reserve states that "some banks add routine reviews with post-funding assessments of appraisal quality for some of their high-liability or large-value contracts as a method to aid in detecting valuation problems."
In addition to adjusting our work to the forms and guidelines of our review customers, there are four Fannie Mae forms that are widely 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. Here at Pierce Appraisal, we are skilled in every kind of appraisal review, review practice and the requirements of review appraisers.
Pierce Appraisal understands what amounts to a quality appraisal and what the most common deficiencies are, especially in our housing market. In the same sense, we're sufficiently skilled to respect that the competition in our market are capable of doing a fine job. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can count on Pierce Appraisal to lawfully examine appraisal reports carried out by others. And those others may be examining our work, too!
In short, when you choose Pierce Appraisal, you can rely on our truthful judgment, because we offer professional, fair, ethical appraisal review services for our customers. Contact Pierce Appraisal regarding our qualifications, expertise and service offerings.