Experienced Appraisal Reviews with Mike's Appraisals
As stated in an announcement by the Federal Reserve, "financial institutions are required to have an effective, unbiased real estate appraisal and evaluation plan," and that appraisers fulfilling reviews are obligated to "have the familiarity and skills to assess compliance with the Federal Reserves appraisal regulations and guidelines." Mike's Appraisals provides appraisal review services that are objective, qualified, professional and in accordance with the Federal Reserve's guidelines.
If you need a real estate appraisal review or have questions in reference to an appraisal, call us today.
Appraisal reviews "ought to conclude whether the appraisal or evaluation is appropriate for the transaction, the danger of the transaction, and whether the practices by which the collateral valuation is accomplished ensures independence and quality," the Federal Reserve says. Moreover, they "should demonstrate whether the appraisal or evaluation report is consistent with the engagement letter, which gives an account of the extent of the appraisal assignment." The Federal Reserve also says that "some banks supplement periodic reviews with post-funding assessments of appraisal quality for any of their higher-liability or greater-value affairs as a way to assist in detecting valuation concerns."
In addition to conforming our work to the procedures and guidelines of our review clients, there are four Fannie Mae forms that are widely used for review services, and we will prepare an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At Mike's Appraisals, we're skilled in every type of appraisal review, review procedure and the responsibilities of review appraisers.
We realize what the greatest defects are, specifically in our home market. We also know what makes a quality appraisal. Concurrently, the professionals at Mike's Appraisals are adequately experienced to admit that the competitors in our market are skillful in doing a good job. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can count on us to ethically study appraisal reports performed by others. And those others could be reviewing our work, too!
You can rely on Mike's Appraisals for our truthful judgment, because we offer professional, impartial, ethical appraisal review services for our customers. Contact us to learn more about our qualifications, expertise and service offerings.