According to an announcement by the Federal Reserve, "financial institutions are obligated to have an effective, impartial real estate appraisal and evaluation program," and that appraisers completing reviews are obligated to "have the knowledge and skills to evaluate compliance with the Federal Reserves appraisal rules and guidelines." Here at Russell Appraisal Service, we provide appraisal review services that are impartial, qualified, professional and compliant with the Federal Reserve's rules.
If you have questions regarding an appraisal, or if you're in the need of a real estate appraisal review, call us today.
Appraisal reviews "should figure out whether the appraisal or evaluation is fitting for the transaction, the danger of the transaction, and whether the process by which the collateral valuation is attained ensures independence and quality," as stated by the Federal Reserve. They "must also signify whether the appraisal or evaluation report matches the engagement letter, which describes the outlook of the appraisal assignment." Lastly, the Federal Reserve says that "some financial institutions augment periodic reviews with post-funding assessments of appraisal quality for some of their high-risk or higher-value affairs as a method to assist in discovering valuation problems."
In addition to adapting our work to the procedures and guidelines of our review clients, there are four Fannie Mae forms that are generally used for review services, and we can 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 Russell Appraisal Service, we're experienced in all forms of appraisal reviews, review procedures and the obligations of review appraisers.
We are aware of what the biggest imperfections are, especially in our home market, as well as what represents a quality appraisal. In the same regard, we're sufficiently trained to respect that our competitors in our market are qualified to do a fine job. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can rely on Russell Appraisal Service to objectively assess appraisal reports executed by others. And those others might be studying our work, too!
When you choose Russell Appraisal Service, you can count on 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.