Qualified Appraisal Reviews by Floyd Appraisal Works
According to a statement by the Federal Reserve, "financial institutions are required to have an effective, unbiased real estate appraisal and evaluation plan," and that appraisers doing reviews must "have the knowledge and skillfulness to determine compliance with the Federal Reserves appraisal rules and guidelines." At Floyd Appraisal Works, we provide appraisal review services that are independent, expert, professional and in line with the Federal Reserve's rules.
If you need a real estate appraisal review or have questions about an appraisal, contact us today.
According to the Federal Reserve, appraisal reviews "must determine whether the appraisal or evaluation is relevant for the transaction, the danger of the transaction, and whether the processes by which the collateral valuation is accomplished guarantees independence and quality." Moreover, they "must show whether the appraisal or evaluation report is compatible with the letter of engagement, which gives an account of the outlook of the appraisal assignment." Lastly, the Federal Reserve states that "some institutions reinforce typical reviews with post-funding assessments of appraisal quality for some of their high-liability or large-value transactions as a means to help in exposing valuation dilemmas."
In addition to adapting 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 will produce 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 are trained in all forms of appraisal reviews, review procedures and the responsibilities of review appraisers.
We know what the most prevalent deficiencies are, especially in our housing market. We also know what amounts to a quality appraisal. At the same time, we are adequately trained to admit that the competitors in our market are capable of good work. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can rely on us to justly examine appraisal reports performed by others. And those others could be examining our work, too!
You can depend on Floyd Appraisal Works for our honest judgment, because we offer professional, unbiased, ethical appraisal review services for our clients. Contact us to learn more about our qualifications, expertise and service offerings.