Qualified Appraisal Reviews by 72 Hour Appraisals
According to an announcement by the Federal Reserve, "financial institutions are obligated to have effective, impartial real estate appraisal and evaluation programs," and that appraisers doing reviews are obligated to "have the familiarity and skillfulness to evaluate compliance with the Federal Reserves appraisal regulations and guidelines." At 72 Hour Appraisals, we provide appraisal review services that are unbiased, expert, professional and compliant with the Federal Reserve's regulations.
If you're in the need of a real estate appraisal review or have questions regarding an appraisal, call us today.
Appraisal reviews "should determine whether the appraisal or evaluation is appropriate for the transaction, the uncertainty of the transaction, and whether the practices by which the collateral valuation is acquired ensures independence and quality," the Federal Reserve says. They "must also denote whether the appraisal or evaluation report is even with the engagement letter, which gives an account of the capacity of the appraisal assignment." Lastly, the Federal Reserve states that "some banks augment routine reviews with post-funding surveys of appraisal quality for a few of their high-risk or larger-value affairs as a channel to aid in identifying valuation disputes."
In addition to adapting our work to the forms and guidelines of our review clients, there are four Fannie Mae forms that are normally 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 72 Hour Appraisals, we're qualified in all types of appraisal reviews, review practices and the requirements of review appraisers.
72 Hour Appraisals is aware of what constitutes a quality appraisal and what the greatest defects are, specifically in our home market. We're also skilled enough to realize that our competition in our market are qualified to do a great job. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can trust us to ethically review appraisal reports executed by others. And those others may be evaluating our work, too!
Here at 72 Hour Appraisals, you can rely on our honest judgment, because we offer professional, unbiased, ethical appraisal review services for our clients. Contact 72 Hour Appraisals regarding our qualifications, expertise and services offered.