Qualified Appraisal Reviews with Russell Appraisal Service
According to a statement by the Federal Reserve, "financial institutions are obligated to have effective, impartial real estate appraisal and evaluation plans," and that appraisers completing reviews have to "have the ability and skillfulness to evaluate compliance with the Federal Reserves appraisal rules and guidelines." Russell Appraisal Service provides appraisal review services that are objective, qualified, professional and compliant with the Federal Reserve's guidelines.
If you're in the need of a real estate appraisal review or have questions regarding an appraisal, call Russell Appraisal Service today.
Appraisal reviews "have to determine whether the appraisal or evaluation is relevant for the transaction, the uncertainty of the transaction, and whether the procedures by which the collateral valuation is obtained guarantees independence and quality," according to the Federal Reserve. They "should also demonstrate whether the appraisal or evaluation report is compatible with the engagement letter, which describes the scope of the appraisal assignment." The Federal Reserve also notes that "some institutions reinforce regular reviews with post-funding evaluations of appraisal quality for a number of their high-risk or higher-value contracts as a way to assist in revealing valuation complications."
In addition to coordinating our work to the practices and guidelines of our review clients, there are four Fannie Mae forms that are widely used for review services, and we'll formulate an appraisal review on any one of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At Russell Appraisal Service, we're skilled in all types of appraisal reviews, review procedures and the responsibilities of review appraisers.
Russell Appraisal Service realizes what amounts to a quality appraisal and what the greatest imperfections are, especially in our real estate market. We're also trained enough to distinguish that the competition in our market are skillful in doing good work. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can count on Russell Appraisal Service to lawfully review appraisal reports executed by others. And those others could be evaluating our work, too!
You can trust Russell Appraisal Service for our neutral 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.