Quality Appraisal Reviews by James Earp Appraisal Service
As stated in an announcement by the Federal Reserve, "financial institutions are required to have an effective, independent real estate appraisal and evaluation plan," and that appraisers fulfilling reviews have to "have the knowledge and expertise to determine compliance with the Federal Reserves appraisal regulations and guidelines." Here at James Earp Appraisal Service, we provide appraisal review services that are objective, efficient, professional and square with the Federal Reserve's regulations.
If you need a real estate appraisal review or have questions about an appraisal, contact us today.
As stated by the Federal Reserve, appraisal reviews "must determine whether the appraisal or evaluation is suitable for the transaction, the risk of the transaction, and whether the means by which the collateral valuation is acquired ensures independence and quality." Moreover, they "should denote whether the appraisal or evaluation report is even with the letter of engagement, which sets forth the capacity of the appraisal assignment." Lastly, the Federal Reserve states that "some financial institutions augment typical reviews with post-funding surveys of appraisal quality for some of their high-risk or greater-value contracts as a way to aid in detecting valuation issues."
In addition to tailoring our work to the forms and guidelines of our review clients, there are four Fannie Mae forms that are normally 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. At James Earp Appraisal Service, we are skilled in all forms of appraisal reviews, review practices and the requirements of review appraisers.
James Earp Appraisal Service realizes what the biggest weaknesses are, specifically in our home market. We also know what constitutes a quality appraisal. The professionals at James Earp Appraisal Service are also adequately trained to admit that our competition in our market are capable of good work. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can rely on James Earp Appraisal Service to fairly valuate appraisal reports completed by others. And those others may be reviewing our work, too!
You can trust James Earp Appraisal Service for our neutral judgment, because we offer professional, fair, ethical appraisal review services for our clients. Contact us for more information about our qualifications, expertise and service offerings.