Qualified Appraisal Reviews with Floyd Appraisal Works
According to an announcement by the Federal Reserve, "financial institutions are obligated to have an effective, unbiased real estate appraisal and evaluation program," and that appraisers doing reviews are obligated to "have the ability and expertise to assess compliance with the Federal Reserves appraisal regulations and guidelines." For appraisal review services that are impartial, qualified, professional and in line with the Federal Reserve's rules, contact Floyd Appraisal Works.
If you need a real estate appraisal review or have questions regarding an appraisal, contact us today.
Appraisal reviews "must verify whether the appraisal or evaluation is well-suited for the transaction, the risk of the transaction, and whether the procedures by which the collateral valuation is accomplished guarantees independence and quality," according to the Federal Reserve. Moreover, they "must show whether the appraisal or evaluation report is consistent with the letter of engagement, which sets forth the extent of the appraisal assignment." The Federal Reserve also notes that "some banks reinforce periodic reviews with post-funding surveys of appraisal quality for some of their high-risk or greater-value affairs as a channel to aid in uncovering valuation disputes."
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'll develop an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At Floyd Appraisal Works, we are qualified in all kinds of appraisal reviews, review practices and the requirements of review appraisers.
Floyd Appraisal Works understands what constitutes a quality appraisal and what the greatest defects are, especially in our real estate market. We're also adequately skilled to realize that our competition in our market are qualified to do quality work. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can trust us to justly evaluate appraisal reports done by others. And those others could be evaluating our work, too!
In short, at Floyd Appraisal Works, you can trust our truthful judgment, because we offer professional, fair, ethical appraisal review services for our customers. Contact us regarding our qualifications, expertise and services offered.