Qualified Appraisal Reviews by P.M. Appraisals, Inc.
As said in a statement by the Federal Reserve, "financial institutions are obligated to have an effective, objective real estate appraisal and evaluation plan," and that appraisers completing reviews should "have the proficiency and skillfulness to determine compliance with the Federal Reserves appraisal rules and guidelines." At P.M. Appraisals, Inc., we provide appraisal review services that are unbiased, efficient, professional and square with the Federal Reserve's regulations.
If you're in the need of a real estate appraisal review or have questions regarding an appraisal, contact us today.
Appraisal reviews "have to determine whether the appraisal or evaluation is appropriate for the transaction, the uncertainty of the transaction, and whether the means by which the collateral valuation is attained guarantees independence and quality," as stated by the Federal Reserve. In addition, they "should signify whether the appraisal or evaluation report matches the engagement letter, which gives an account of the capacity of the appraisal assignment." The Federal Reserve also states that "some banks reinforce routine reviews with post-funding surveys of appraisal quality for a few of their higher-liability or larger-value contracts as a way to aid in uncovering valuation dilemmas."
In addition to adapting our work to the processes and guidelines of our review clients, there are four Fannie Mae forms that are widely used for review services, and we will formulate 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 P.M. Appraisals, Inc., we are trained in all types of appraisal reviews, review processes and the requirements of review appraisers.
We're aware of what the most common inadequacies are, especially in our real estate market. We also understand what amounts to a quality appraisal. Concurrently, we are trained enough to distinguish that our competitors in our market are qualified to do a good job. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can rely on us to fairly examine appraisal reports completed by others. And those others may be reviewing our work, too!
You can count on P.M. Appraisals, Inc. for our independent judgment, because we offer professional, fair, ethical appraisal review services for our customers. Contact us for more information about our qualifications, expertise and service offerings.