Qualified Appraisal Reviews by James Earp Appraisal Service
As stated in an announcement by the Federal Reserve, "financial institutions must have an effective, independent real estate appraisal and evaluation plan," and that appraisers completing reviews are obligated to "have the proficiency and skillfulness to evaluate compliance with the Federal Reserves appraisal rules and guidelines." James Earp Appraisal Service provides appraisal review services that are impartial, efficient, professional and in accordance with the Federal Reserve's guidelines.
If you're in the need of a real estate appraisal review or have questions regarding an appraisal, call James Earp Appraisal Service today.
The Federal Reserve says appraisal reviews "should verify whether the appraisal or evaluation is appropriate for the transaction, the risk of the transaction, and whether the methods by which the collateral valuation is acquired guarantees independence and quality." They "should also denote whether the appraisal or evaluation report matches the letter of engagement, which gives an account of the range of the appraisal assignment." The Federal Reserve also states that "some institutions augment regular reviews with post-funding evaluations of appraisal quality for some of their higher-liability or large-value contracts as a channel to help in detecting valuation concerns."
In addition to adjusting our work to the procedures and guidelines of our review clients, 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. At James Earp Appraisal Service, we're trained in every kind of appraisal review, review practice and the requirements of review appraisers.
We are familiar with what the greatest inadequacies are, specifically in our home market, as well as what amounts to a quality appraisal. Concurrently, we're proficient enough to admit that our competitors in our market are capable of doing a fine job. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can rely on us to lawfully assess appraisal reports executed by others. And those others might be examining our work, too!
In short, at James Earp Appraisal Service, you can be sure of our neutral judgment, because we offer professional, impartial, ethical appraisal review services for our clients. Contact James Earp Appraisal Service to learn more about our qualifications, expertise and service offerings.