As said in a statement by the Federal Reserve, "financial institutions must have effective, independent real estate appraisal and evaluation programs," and that appraisers completing reviews are obligated to "have the familiarity and expertise to determine compliance with the Federal Reserves appraisal rules and guidelines." For appraisal review services that are unbiased, efficient, professional and compliant with the Federal Reserve's regulations, look no further than Floyd Appraisal Works.
If you have questions regarding an appraisal, or if you're in the need of a real estate appraisal review, call Floyd Appraisal Works today.
As stated by the Federal Reserve, appraisal reviews "have to decide whether the appraisal or evaluation is applicable for the transaction, the uncertainty of the transaction, and whether the means by which the collateral valuation is acquired ensures independence and quality." Moreover, they "must indicate whether the appraisal or evaluation report matches the letter of engagement, which sets forth the extent of the appraisal assignment." The Federal Reserve also states that "some financial institutions augment typical reviews with post-funding assessments of appraisal quality for a few of their higher-risk or greater-value affairs as a means to aid in addressing valuation issues."
In addition to adjusting our work to the procedures and guidelines of our review customers, there are four Fannie Mae forms that are typically used for review services, and we'll prepare 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're experienced in all kinds of appraisal reviews, review processes and the obligations of review appraisers.
We understand what the greatest deficiencies are, particularly in our real estate market, as well as what amounts to a quality appraisal. In the same regard, we're experienced enough to distinguish that our competitors in our market are able to do a good job. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can count on us to objectively evaluate appraisal reports completed by others. And those others could be studying our work, too!
In short, at Floyd Appraisal Works, you can have confidence in our neutral judgment, because we offer professional, objective, ethical appraisal review services for our clients. Contact us to learn more about our qualifications, expertise and services offered.