James Earp Appraisal Service Appraisal Reviews
As said in a statement by the Federal Reserve, "financial institutions are required to have effective, objective real estate appraisal and evaluation programs," and that appraisers fulfilling reviews are obligated to "have the knowledge and expertise to assess compliance with the Federal Reserves appraisal rules and guidelines." James Earp Appraisal Service provides appraisal review services that are unbiased, efficient, professional and square with the Federal Reserve's rules.
If you need a real estate appraisal review or have questions regarding an appraisal, contact James Earp Appraisal Service today.
According to the Federal Reserve, appraisal reviews "should verify whether the appraisal or evaluation is suitable for the transaction, the liability of the transaction, and whether the procedure by which the collateral valuation is collected guarantees independence and quality." In addition, they "should indicate whether the appraisal or evaluation report is consistent with the engagement letter, which gives an account of the range of the appraisal assignment." The Federal Reserve also says that "some institutions augment routine reviews with post-funding assessments of appraisal quality for a few of their higher-risk or large-value affairs as a method to assist in revealing valuation disputes."
In addition to adjusting our work to the regulations and guidelines of our review customers, there are four Fannie Mae forms that are largely 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. Here at James Earp Appraisal Service, we are qualified in all types of appraisal reviews, review practices and the obligations of review appraisers.
We are familiar with what the most common weaknesses are, particularly in our real estate market. We also know what represents a quality appraisal. At the same time, we are trained enough to recognize that the competition in our market are capable of doing a good job. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can rely on James Earp Appraisal Service to objectively assess appraisal reports done by others. And those others could be studying our work, too!
You can rely on James Earp Appraisal Service for our neutral judgment, because we offer professional, impartial, ethical appraisal review services for our customers. Contact us regarding our qualifications, expertise and services offered.