As stated in an announcement by the Federal Reserve, "financial institutions must have an effective, unbiased real estate appraisal and evaluation program," and that appraisers completing reviews should "have the proficiency and expertise to evaluate compliance with the Federal Reserves appraisal regulations and guidelines." At Crockett Appraisal Service, Inc., we provide appraisal review services that are objective, efficient, professional and in line with the Federal Reserve's guidelines.
If you have questions regarding an appraisal, or if you need a real estate appraisal review, call Crockett Appraisal Service, Inc. today.
According to the Federal Reserve, appraisal reviews "must determine whether the appraisal or evaluation is relevant for the transaction, the danger of the transaction, and whether the processes by which the collateral valuation is collected ensures independence and quality." They "should also signify whether the appraisal or evaluation report matches the letter of engagement, which describes the outlook of the appraisal assignment." Lastly, the Federal Reserve states that "some banks supplement periodic reviews with post-funding evaluations of appraisal quality for a few of their higher-liability or higher-value dealings as a method to aid in uncovering valuation concerns."
In addition to tailoring our work to the procedures and guidelines of our review clients, there are four Fannie Mae forms that are usually used for review services, and we'll 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 Crockett Appraisal Service, Inc., we are skilled in every kind of appraisal review, review practice and the responsibilities of review appraisers.
We are aware of what the greatest imperfections are, especially in our housing market, as well as what amounts to a quality appraisal. In this regard, we are sufficiently trained to realize that the competitors 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 trust Crockett Appraisal Service, Inc. to fairly look over appraisal reports carried out by others. And those others could be examining our work, too!
For professional, objective, ethical appraisal review services and honest judgments, you can depend on Crockett Appraisal Service, Inc.. Contact Crockett Appraisal Service, Inc. for more information about our qualifications, expertise and services offered.