According to an announcement by the Federal Reserve, "financial institutions must have an effective, unbiased real estate appraisal and evaluation plan," and that appraisers performing reviews have to "have the familiarity and skills to assess compliance with the Federal Reserves appraisal rules and guidelines." If you're looking for appraisal review services that are objective, qualified, professional and in accordance with the Federal Reserve's regulations, just contact Premier Appraisal of SoCal.
If you're in the need of a real estate appraisal review or have questions in reference to an appraisal, call us today.
As stated by the Federal Reserve, appraisal reviews "have to decide whether the appraisal or evaluation is appropriate for the transaction, the liability of the transaction, and whether the method by which the collateral valuation is attained ensures independence and quality." They "must also indicate whether the appraisal or evaluation report is even with the engagement letter, which sets forth the extent of the appraisal assignment." The Federal Reserve also states that "some banks reinforce regular reviews with post-funding surveys of appraisal quality for a few of their higher-liability or higher-value contracts as a method to assist in detecting valuation problems."
In addition to tailoring our work to the processes and guidelines of our review clients, there are four Fannie Mae forms that are primarily used for review services, and we'll prepare an appraisal review on any one of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. Here at Premier Appraisal of SoCal, we are trained in all forms of appraisal reviews, review processes and the obligations of review appraisers.
We realize what the most prevalent imperfections are, especially in our real estate market. We also understand what represents a quality appraisal. The professionals at Premier Appraisal of SoCal are also adequately experienced to recognize that our competition in our market are skillful in doing a great job. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can trust us to ethically review appraisal reports carried out by others. And those others might be reviewing our work, too!
Here at Premier Appraisal of SoCal, you can trust our honest judgment, because we offer professional, unbiased, ethical appraisal review services for our clients. Contact us to learn more about our qualifications, expertise and service offerings.