Appraisal Reviews by Russell Appraisal Service
According to an announcement by the Federal Reserve, "financial institutions are required to have effective, independent real estate appraisal and evaluation plans," and that appraisers completing reviews have to "have the familiarity and expertise to evaluate compliance with the Federal Reserves appraisal rules and guidelines." Russell Appraisal Service provides appraisal review services that are unbiased, efficient, professional and compliant with the Federal Reserve's regulations.
If you have questions about an appraisal, or if you need a real estate appraisal review, contact Russell Appraisal Service today.
According to the Federal Reserve, appraisal reviews "should verify whether the appraisal or evaluation is pertinent for the transaction, the liability of the transaction, and whether the procedure by which the collateral valuation is obtained ensures independence and quality." In addition, they "should denote whether the appraisal or evaluation report is consistent with the engagement letter, which sets forth the capacity of the appraisal assignment." Lastly, the Federal Reserve notes that "some banks reinforce periodic reviews with post-funding evaluations of appraisal quality for a few of their high-liability or large-value affairs as a control to help in identifying valuation dilemmas."
In addition to coordinating our work to the regulations and guidelines of our review clients, there are four Fannie Mae forms that are normally used for review services, and we can prepare an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At Russell Appraisal Service, we are experienced in all kinds of appraisal reviews, review practices and the requirements of review appraisers.
Russell Appraisal Service knows what represents a quality appraisal and what the most prevalent weaknesses are, particularly in our home market. In this regard, we are experienced enough to respect that our competitors in our market are capable of doing a fine job. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can rely on Russell Appraisal Service to fairly evaluate appraisal reports completed by others. And those others might be examining our work, too!
You can count on Russell Appraisal Service for our honest judgment, because we offer professional, unbiased, ethical appraisal review services for our clients. Contact us for more information about our qualifications, expertise and service offerings.