Appraisal Reviews with Warren Appraisals
According to an announcement by the Federal Reserve, "financial institutions are obligated to have an effective, objective real estate appraisal and evaluation program," and that appraisers fulfilling reviews are obligated to "have the knowledge and skillfulness to evaluate compliance with the Federal Reserves appraisal regulations and guidelines." If you need appraisal review services that are impartial, expert, professional and compliant with the Federal Reserve's guidelines, just contact Warren Appraisals.
If you're in the need of a real estate appraisal review or have questions regarding an appraisal, contact us today.
Appraisal reviews "must figure out whether the appraisal or evaluation is pertinent for the transaction, the uncertainty of the transaction, and whether the practices by which the collateral valuation is collected ensures independence and quality," according to the Federal Reserve. In addition, they "should announce whether the appraisal or evaluation report is consistent with the letter of engagement, which gives an account of the capacity of the appraisal assignment." Lastly, the Federal Reserve states that "some financial institutions reinforce routine reviews with post-funding assessments of appraisal quality for a number of their higher-liability or high-value dealings as a means to aid in addressing valuation concerns."
In addition to tailoring our work to the processes and guidelines of our review clients, there are four Fannie Mae forms that are usually used for review services, and we will formulate an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At Warren Appraisals, we're qualified in all types of appraisal reviews, review processes and the requirements of review appraisers.
We are aware of what the most common defects are, specifically in our real estate market, as well as what makes a quality appraisal. We're also experienced enough to identify that the competitors in our market are capable of doing good work. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can count on Warren Appraisals to objectively valuate appraisal reports executed by others. And those others might be reviewing our work, too!
For professional, impartial, ethical appraisal review services and truthful judgments, you can rely on Warren Appraisals. Contact us regarding our qualifications, expertise and service offerings.