Appraisal Reviews with Crest Appraisal Services
According to a statement by the Federal Reserve, "financial institutions are required to have effective, objective real estate appraisal and evaluation plans," and that appraisers completing reviews should "have the knowledge and skills to evaluate compliance with the Federal Reserves appraisal rules and guidelines." If you need appraisal review services that are impartial, expert, professional and square with the Federal Reserve's rules, look no further than Crest Appraisal Services.
If you need a real estate appraisal review or have questions in reference to an appraisal, contact Crest Appraisal Services today.
Appraisal reviews "should decide whether the appraisal or evaluation is pertinent for the transaction, the uncertainty of the transaction, and whether the procedure by which the collateral valuation is acquired guarantees independence and quality," the Federal Reserve says. They "must also indicate whether the appraisal or evaluation report is consistent with the engagement letter, which sets forth the scope of the appraisal assignment." Lastly, the Federal Reserve says that "some financial institutions augment regular reviews with post-funding surveys of appraisal quality for a number of their higher-liability or greater-value transactions as a way to help in uncovering valuation complications."
In addition to coordinating our work to the practices and guidelines of our review clients, there are four Fannie Mae forms that are primarily used for review services, and we'll 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 Crest Appraisal Services, we're experienced in every form of appraisal review, review process and the responsibilities of review appraisers.
We're aware of what constitutes a quality appraisal and what the most frequent defects are, specifically in our real estate market. The professionals at Crest Appraisal Services are also amply skilled to distinguish that the competition in our market are qualified to do a good job. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can count on us to justly evaluate appraisal reports completed by others. And those others might be studying our work, too!
At Crest Appraisal Services, you can count on our independent judgment, because we offer professional, impartial, ethical appraisal review services for our customers. Contact Crest Appraisal Services regarding our qualifications, expertise and service offerings.