Quality Appraisal Reviews by James Earp Appraisal Service
According to an announcement by the Federal Reserve, "financial institutions are obligated to have an effective, impartial real estate appraisal and evaluation program," and that appraisers fulfilling reviews ought to "have the proficiency and expertise to determine 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 regulations.
If you need a real estate appraisal review or have questions regarding an appraisal, contact us today.
Appraisal reviews "ought to figure out whether the appraisal or evaluation is relevant for the transaction, the liability of the transaction, and whether the manner by which the collateral valuation is acquired ensures independence and quality," the Federal Reserve says. In addition, they "should show whether the appraisal or evaluation report is true to the engagement letter, which describes the extent of the appraisal assignment." Lastly, the Federal Reserve says that "some institutions augment typical reviews with post-funding surveys of appraisal quality for any of their high-risk or high-value affairs as a way to aid in uncovering valuation disputes."
In addition to conforming our work to the processes and guidelines of our review customers, there are four Fannie Mae forms that are normally used for review services, and we will prepare 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 James Earp Appraisal Service, we're experienced in all types of appraisal reviews, review procedures and the responsibilities of review appraisers.
James Earp Appraisal Service understands what makes a quality appraisal and what the most common inadequacies are, especially in our home market. We're also sufficiently trained to respect that the competitors in our market are skillful in doing quality work. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can trust us to justly evaluate appraisal reports done by others. And those others might be reviewing our work, too!
For professional, objective, ethical appraisal review services and honest judgments, you can rely on James Earp Appraisal Service. Contact us for more information regarding our qualifications, expertise and service offerings.