Quality Appraisal Reviews by Floyd Appraisal Works
As stated in an announcement by the Federal Reserve, "financial institutions are obligated to have an effective, objective real estate appraisal and evaluation plan," and that appraisers fulfilling reviews ought to "have the familiarity and expertise to assess compliance with the Federal Reserves appraisal rules and guidelines." If you're looking for appraisal review services that are objective, expert, professional and in accordance with the Federal Reserve's guidelines, look no further than Floyd Appraisal Works.
If you need a real estate appraisal review or have questions regarding an appraisal, contact Floyd Appraisal Works today.
Appraisal reviews "must find out whether the appraisal or evaluation is pertinent for the transaction, the liability of the transaction, and whether the manners by which the collateral valuation is acquired guarantees independence and quality," the Federal Reserve says. They "should also announce whether the appraisal or evaluation report is compatible with the letter of engagement, which describes the outlook of the appraisal assignment." The Federal Reserve also says that "some financial institutions reinforce periodic reviews with post-funding evaluations of appraisal quality for some of their higher-risk or large-value affairs as a way to help in discovering valuation disputes."
In addition to conforming our work to the practices and guidelines of our review clients, there are four Fannie Mae forms that are largely used for review services, and we can 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. Here at Floyd Appraisal Works, we're trained in every kind of appraisal review, review practice and the obligations of review appraisers.
Floyd Appraisal Works is aware of what makes a quality appraisal and what the most prevalent weaknesses are, specifically in our housing market. The professionals at Floyd Appraisal Works are also trained enough to admit that our competition in our market are qualified to do a good job. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can rely on Floyd Appraisal Works to fairly examine appraisal reports completed by others. And those others might be examining our work, too!
For professional, fair, ethical appraisal review services and honest judgments, you can depend on Floyd Appraisal Works. Contact Floyd Appraisal Works regarding our qualifications, expertise and services offered.