Appraisal Reviews with Floyd Appraisal Works
As said in an announcement by the Federal Reserve, "financial institutions are obligated to have effective, unbiased real estate appraisal and evaluation programs," and that appraisers completing reviews are obligated to "have the familiarity and expertise to assess compliance with the Federal Reserves appraisal regulations and guidelines." Floyd Appraisal Works provides appraisal review services that are unbiased, expert, professional and compliant with the Federal Reserve's regulations.
If you need a real estate appraisal review or have questions about an appraisal, contact Floyd Appraisal Works today.
Appraisal reviews "have to find out whether the appraisal or evaluation is pertinent for the transaction, the danger of the transaction, and whether the processes by which the collateral valuation is obtained ensures independence and quality," as stated by the Federal Reserve. In addition, they "must announce whether the appraisal or evaluation report is true to the engagement letter, which sets forth the range of the appraisal assignment." Last, The Federal Reserve states that "some banks reinforce periodic reviews with post-funding surveys of appraisal quality for some of their higher-risk or greater-value contracts as a control to help in uncovering valuation dilemmas."
In addition to conforming our work to the procedures and guidelines of our review clients, there are four Fannie Mae forms that are usually used for review services, and we can produce 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 skilled in every kind of appraisal review, review practice and the obligations of review appraisers.
Floyd Appraisal Works is aware of what the most frequent imperfections are, particularly in our home market, as well as what amounts to a quality appraisal. In the same regard, we are experienced enough to recognize that our competitors in our market are capable of a fine job. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can count on Floyd Appraisal Works to ethically examine appraisal reports executed by others. And those others might be evaluating our work, too!
Here at Floyd Appraisal Works, you can trust our honest judgment, because we offer professional, fair, ethical appraisal review services for our clients. Contact us regarding our qualifications, expertise and service offerings.