Appraisal Reviews by Premier Appraisal of SoCal
According to an announcement by the Federal Reserve, "financial institutions are obligated to have effective, unbiased real estate appraisal and evaluation programs," and that appraisers fulfilling reviews must "have the familiarity and skillfulness to determine compliance with the Federal Reserves appraisal rules and guidelines." If you need appraisal review services that are impartial, efficient, professional and in accordance with the Federal Reserve's rules, contact Premier Appraisal of SoCal.
If you have questions about an appraisal, or if you're in the need of a real estate appraisal review, call us today.
According to the Federal Reserve, appraisal reviews "ought to find out whether the appraisal or evaluation is fitting for the transaction, the danger of the transaction, and whether the processes by which the collateral valuation is acquired ensures independence and quality." They "must also denote whether the appraisal or evaluation report is even with the letter of engagement, which describes the range of the appraisal assignment." The Federal Reserve also says that "some banks supplement periodic reviews with post-funding assessments of appraisal quality for a number of their high-liability or greater-value transactions as a means to help in identifying valuation dilemmas."
In addition to conforming our work to the processes and guidelines of our review clients, there are four Fannie Mae forms that are typically used for review services, and we can 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 Premier Appraisal of SoCal, we are experienced in every kind of appraisal review, review procedure and the obligations of review appraisers.
Premier Appraisal of SoCal is aware of what the most frequent imperfections are, particularly in our real estate market. We also understand what constitutes a quality appraisal. Concurrently, we're trained enough to realize that the competitors in our market are qualified to do a fine job. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can count on us to lawfully look over appraisal reports carried out by others. And those others may be reviewing our work, too!
For professional, fair, ethical appraisal review services and independent judgments, you can depend on Premier Appraisal of SoCal. Contact us to learn more about our qualifications, expertise and service offerings.