Appraisal Reviews by Russell Appraisal Service
As said in an announcement by the Federal Reserve, "financial institutions are required to have effective, objective real estate appraisal and evaluation plans," and that appraisers doing reviews should "have the familiarity and skillfulness 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 line with the Federal Reserve's regulations, contact Russell Appraisal Service.
If you have questions in reference to an appraisal, or if you need a real estate appraisal review, contact us today.
Appraisal reviews "should decide whether the appraisal or evaluation is well-suited for the transaction, the liability of the transaction, and whether the processes by which the collateral valuation is accomplished guarantees independence and quality," according to the Federal Reserve. In addition, they "should denote whether the appraisal or evaluation report is true to the letter of engagement, which sets forth the scope of the appraisal assignment." Last, The Federal Reserve says that "some banks add routine reviews with post-funding surveys of appraisal quality for any of their higher-risk or high-value transactions as a way to aid in identifying valuation concerns."
In addition to adapting our work to the regulations and guidelines of our review clients, there are four Fannie Mae forms that are widely used for review services, and we will prepare an appraisal review on any 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 skilled in all types of appraisal reviews, review processes and the obligations of review appraisers.
Russell Appraisal Service realizes what the most frequent defects are, especially in our real estate market, as well as what amounts to a quality appraisal. In the same sense, we're professional enough to identify that the competitors in our market are skillful in 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 us to justly review appraisal reports performed by others. And those others might be evaluating our work, too!
Here at Russell Appraisal Service, you can have confidence in our independent judgment, because we offer professional, unbiased, ethical appraisal review services for our customers. Contact us for more information regarding our qualifications, expertise and services offered.