As stated in an announcement by the Federal Reserve, "financial institutions must have an effective, objective real estate appraisal and evaluation plan," and that appraisers performing reviews must "have the ability and skills to determine compliance with the Federal Reserves appraisal rules and guidelines." Here at P.M. Appraisals, Inc., we provide appraisal review services that are objective, qualified, professional and square with the Federal Reserve's regulations.
If you need a real estate appraisal review or have questions regarding an appraisal, contact P.M. Appraisals, Inc. today.
Appraisal reviews "should conclude whether the appraisal or evaluation is well-suited for the transaction, the uncertainty of the transaction, and whether the method by which the collateral valuation is collected ensures independence and quality," the Federal Reserve says. In addition, they "must indicate whether the appraisal or evaluation report matches the engagement letter, which sets forth the range of the appraisal assignment." The Federal Reserve also notes that "some institutions reinforce routine reviews with post-funding evaluations of appraisal quality for some of their higher-risk or larger-value contracts as a way to aid in identifying valuation issues."
In addition to conforming our work to the regulations and guidelines of our review clients, there are four Fannie Mae forms that are normally used for review services, and we can 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. Here at P.M. Appraisals, Inc., we're trained in every type of appraisal review, review procedure and the responsibilities of review appraisers.
We know what the most frequent inadequacies are, particularly in our real estate market. We also understand what amounts to a quality appraisal. In the same sense, we are sufficiently experienced to admit that the competition in our market are capable of doing quality work. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can rely on P.M. Appraisals, Inc. to lawfully valuate appraisal reports carried out by others. And those others might be reviewing our work, too!
When you choose P.M. Appraisals, Inc., you can count on our honest judgment, because we offer professional, impartial, ethical appraisal review services for our clients. Contact us to learn more about our qualifications, expertise and service offerings.