Appraisal Reviews with P.M. Appraisals, Inc.
As said in a statement by the Federal Reserve, "financial institutions are required to have effective, independent real estate appraisal and evaluation programs," and that appraisers fulfilling reviews must "have the knowledge 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 independent, expert, professional and square with the Federal Reserve's regulations.
If you need a real estate appraisal review or have questions in reference to an appraisal, call us today.
According to the Federal Reserve, appraisal reviews "ought to determine whether the appraisal or evaluation is fitting for the transaction, the uncertainty of the transaction, and whether the manner by which the collateral valuation is accomplished guarantees independence and quality." They "must also indicate whether the appraisal or evaluation report is consistent with the letter of engagement, which gives an account of the range of the appraisal assignment." The Federal Reserve also states that "some financial institutions reinforce typical reviews with post-funding assessments of appraisal quality for some of their high-risk or high-value dealings as a method to aid in revealing valuation dilemmas."
In addition to adapting our work to the processes and guidelines of our review customers, there are four Fannie Mae forms that are generally 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 skilled in all forms of appraisal reviews, review procedures and the requirements of review appraisers.
We understand what the most frequent inadequacies are, especially in our home market. We also understand what amounts to a quality appraisal. In this regard, we are trained enough to know that the competition in our market are capable of a good job. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can trust us to fairly evaluate appraisal reports executed by others. And those others might be examining our work, too!
In short, at P.M. Appraisals, Inc., you can be sure of our neutral judgment, because we offer professional, impartial, ethical appraisal review services for our customers. Contact P.M. Appraisals, Inc. to learn more about our qualifications, expertise and services offered.