According to an announcement by the Federal Reserve, "financial institutions must have effective, unbiased real estate appraisal and evaluation programs," and that appraisers performing reviews must "have the familiarity and skills to determine compliance with the Federal Reserves appraisal regulations and guidelines." At Crest Appraisal Services, we provide appraisal review services that are unbiased, qualified, professional and in line with the Federal Reserve's rules.
If you have questions about an appraisal, or if you need a real estate appraisal review, call us today.
According to the Federal Reserve, appraisal reviews "must decide whether the appraisal or evaluation is fitting for the transaction, the liability of the transaction, and whether the manner by which the collateral valuation is collected ensures independence and quality." In addition, they "should denote whether the appraisal or evaluation report is consistent with the letter of engagement, which sets forth the outlook of the appraisal assignment." Lastly, the Federal Reserve states that "some financial institutions add periodic reviews with post-funding surveys of appraisal quality for a few of their higher-risk or higher-value transactions as a means to help in discovering valuation concerns."
In addition to coordinating our work to the forms and guidelines of our review clients, there are four Fannie Mae forms that are usually used for review services, and we will produce 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 Crest Appraisal Services, we are skilled in all types of appraisal reviews, review procedures and the responsibilities of review appraisers.
Crest Appraisal Services knows what the biggest imperfections are, especially in our real estate market, as well as what makes a quality appraisal. The professionals at Crest Appraisal Services are also adequately experienced to know that the competitors in our market are qualified to do a great job. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can rely on Crest Appraisal Services to fairly examine appraisal reports performed by others. And those others could be studying our work, too!
For professional, fair, ethical appraisal review services and truthful judgments, you can rely on Crest Appraisal Services. Contact us regarding our qualifications, expertise and services offered.