According to a statement by the Federal Reserve, "financial institutions are obligated to have effective, independent real estate appraisal and evaluation programs," and that appraisers doing reviews ought to "have the proficiency and expertise to evaluate compliance with the Federal Reserves appraisal regulations and guidelines." For appraisal review services that are unbiased, expert, professional and in accordance with the Federal Reserve's regulations, look no further than Floyd Appraisal Works.
If you need a real estate appraisal review or have questions about an appraisal, contact us today.
As stated by the Federal Reserve, appraisal reviews "should determine whether the appraisal or evaluation is suitable for the transaction, the uncertainty of the transaction, and whether the procedure by which the collateral valuation is collected ensures independence and quality." They "must also demonstrate whether the appraisal or evaluation report is true to the engagement letter, which describes the range of the appraisal assignment." Last, The Federal Reserve states that "some institutions supplement typical reviews with post-funding surveys of appraisal quality for a number of their higher-liability or large-value affairs as a control to assist in detecting valuation complications."
In addition to adapting our work to the regulations and guidelines of our review clients, there are four Fannie Mae forms that are mostly used for review services, and we will produce 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 Floyd Appraisal Works, we're experienced in all types of appraisal reviews, review processes and the responsibilities of review appraisers.
We are familiar with what the most frequent weaknesses are, especially in our real estate market. We also know what makes a quality appraisal. Concurrently, we are experienced enough to know that our competitors in our market are able to do a fine job. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can count on Floyd Appraisal Works to objectively examine appraisal reports done by others. And those others could be examining our work, too!
You can count on Floyd Appraisal Works for our independent judgment, because we offer professional, impartial, ethical appraisal review services for our customers. Contact Floyd Appraisal Works regarding our qualifications, expertise and services offered.