According to an announcement by the Federal Reserve, "financial institutions must have an effective, independent real estate appraisal and evaluation plan," and that appraisers doing reviews are obligated to "have the proficiency and skills to evaluate compliance with the Federal Reserves appraisal rules and guidelines." Floyd Appraisal Works provides appraisal review services that are objective, expert, professional and in accordance with the Federal Reserve's guidelines.
If you have questions about an appraisal, or if you're in the need of a real estate appraisal review, contact Floyd Appraisal Works today.
Appraisal reviews "have to determine whether the appraisal or evaluation is applicable for the transaction, the danger of the transaction, and whether the manners by which the collateral valuation is obtained guarantees independence and quality," as stated by the Federal Reserve. They "should also announce whether the appraisal or evaluation report is true to the engagement letter, which describes the capacity of the appraisal assignment." Last, The Federal Reserve notes that "some financial institutions add regular reviews with post-funding surveys of appraisal quality for a few of their high-liability or higher-value dealings as a method to assist in addressing valuation problems."
In addition to adapting our work to the forms and guidelines of our review customers, there are four Fannie Mae forms that are generally used for review services, and we'll develop an appraisal review on any one of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At Floyd Appraisal Works, we're qualified in all types of appraisal reviews, review processes and the requirements of review appraisers.
Floyd Appraisal Works knows what makes a quality appraisal and what the greatest defects are, particularly in our home market. In this regard, we are adequately skilled to identify that the competitors in our market are capable of doing a fine job. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can rely on us to justly look over appraisal reports done by others. And those others could be reviewing our work, too!
You can rely on Floyd Appraisal Works for our honest judgment, because we offer professional, objective, ethical appraisal review services for our customers. Contact Floyd Appraisal Works for more information regarding our qualifications, expertise and services offered.