Qualified Appraisal Reviews with James Earp Appraisal Service
As stated in an announcement by the Federal Reserve, "financial institutions are required to have an effective, objective real estate appraisal and evaluation plan," and that appraisers performing reviews are obligated to "have the ability and skillfulness to evaluate compliance with the Federal Reserves appraisal rules and guidelines." If you're looking for appraisal review services that are independent, efficient, professional and in accordance with the Federal Reserve's guidelines, just contact James Earp Appraisal Service.
If you have questions about an appraisal, or if you need a real estate appraisal review, contact James Earp Appraisal Service today.
The Federal Reserve says appraisal reviews "have to find out whether the appraisal or evaluation is well-suited for the transaction, the danger of the transaction, and whether the means by which the collateral valuation is accomplished guarantees independence and quality." They "must also announce whether the appraisal or evaluation report is even with the letter of engagement, which gives an account of the outlook of the appraisal assignment." Lastly, the Federal Reserve notes that "some banks reinforce regular reviews with post-funding evaluations of appraisal quality for some of their higher-risk or higher-value affairs as a means to assist in detecting valuation problems."
In addition to coordinating our work to the forms and guidelines of our review clients, there are four Fannie Mae forms that are primarily used for review services, and we can produce 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 trained in all types of appraisal reviews, review practices and the requirements of review appraisers.
We are aware of what the greatest inadequacies are, especially in our real estate market. We also understand what constitutes a quality appraisal. In the same sense, we're skilled enough to acknowledge that our competitors in our market are skillful in doing a fine job. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can count on us to ethically evaluate appraisal reports done by others. And those others could be evaluating our work, too!
For professional, impartial, ethical appraisal review services and independent judgments, you can depend on James Earp Appraisal Service. Contact us to learn more about our qualifications, expertise and services offered.