According to a statement by the Federal Reserve, "financial institutions are required to have effective, impartial real estate appraisal and evaluation procedures," and that appraisers completing reviews have to "have the familiarity and skillfulness to assess compliance with the Federal Reserves appraisal regulations and guidelines." Here at Premier Appraisal of SoCal, we provide appraisal review services that are objective, efficient, professional and in accordance with the Federal Reserve's regulations.
If you're in the need of a real estate appraisal review or have questions in reference to an appraisal, contact Premier Appraisal of SoCal today.
The Federal Reserve says appraisal reviews "should decide whether the appraisal or evaluation is relevant for the transaction, the danger of the transaction, and whether the actions by which the collateral valuation is attained ensures independence and quality." They "should also denote whether the appraisal or evaluation report is true to the engagement letter, which describes the outlook of the appraisal assignment." Lastly, the Federal Reserve states that "some banks supplement regular reviews with post-funding assessments of appraisal quality for any of their high-liability or higher-value contracts as a way to help in discovering valuation disputes."
In addition to conforming our work to the procedures and guidelines of our review clients, there are four Fannie Mae forms that are normally used for review services, and we can develop 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're trained in every kind of appraisal review, review practice and the responsibilities of review appraisers.
We're aware of what the most prevalent imperfections are, especially in our home market. We also know what constitutes a quality appraisal. In this regard, we are amply skilled to know that our competitors in our market are capable of quality work. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can trust Premier Appraisal of SoCal to ethically review appraisal reports executed by others. And those others may be studying our work, too!
For professional, fair, ethical appraisal review services and neutral judgments, you can depend on Premier Appraisal of SoCal. Contact Premier Appraisal of SoCal for more information about our qualifications, expertise and service offerings.