Expert Appraisal Reviews by Smith Appraisal Services
As said in a statement by the Federal Reserve, "financial institutions are obligated to have effective, unbiased real estate appraisal and evaluation programs," and that appraisers completing reviews have to "have the ability and skillfulness to evaluate compliance with the Federal Reserves appraisal regulations and guidelines." If you need appraisal review services that are independent, efficient, professional and in line with the Federal Reserve's guidelines, just contact Smith Appraisal Services.
If you have questions regarding an appraisal, or if you need a real estate appraisal review, contact us today.
The Federal Reserve says appraisal reviews "ought to conclude whether the appraisal or evaluation is fitting for the transaction, the liability of the transaction, and whether the process by which the collateral valuation is acquired guarantees independence and quality." Moreover, they "should signify whether the appraisal or evaluation report is true to the letter of engagement, which describes the scope of the appraisal assignment." Lastly, the Federal Reserve states that "some banks reinforce regular reviews with post-funding surveys of appraisal quality for a number of their high-risk or greater-value transactions as a way to aid in detecting valuation dilemmas."
In addition to conforming our work to the procedures and guidelines of our review customers, there are four Fannie Mae forms that are widely used for review services, and we can develop an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At Smith Appraisal Services, we're experienced in every form of appraisal review, review process and the requirements of review appraisers.
We are aware of what makes a quality appraisal and what the biggest deficiencies are, especially in our housing market. We're also adequately trained to acknowledge that the competition in our market are capable of doing a good job. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can count on us to objectively review appraisal reports completed by others. And those others may be examining our work, too!
For professional, unbiased, ethical appraisal review services and independent judgments, you can count on Smith Appraisal Services. Contact us to learn more about our qualifications, expertise and services offered.
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