As stated in an announcement by the Federal Reserve, "financial institutions are obligated to have effective, objective real estate appraisal and evaluation procedures," and that appraisers performing reviews must "have the proficiency and expertise to evaluate compliance with the Federal Reserves appraisal regulations and guidelines." GA Appraisal Services provides appraisal review services that are impartial, qualified, professional and in line with the Federal Reserve's regulations.
If you're in the need of a real estate appraisal review or have questions about an appraisal, contact GA Appraisal Services today.
Appraisal reviews "should find out whether the appraisal or evaluation is applicable for the transaction, the risk of the transaction, and whether the method by which the collateral valuation is accomplished guarantees independence and quality," as stated by the Federal Reserve. Moreover, they "should announce whether the appraisal or evaluation report is even with the letter of engagement, which sets forth the capacity of the appraisal assignment." Last, The Federal Reserve says that "some banks augment periodic reviews with post-funding assessments of appraisal quality for a few of their high-liability or higher-value contracts as a channel to assist in exposing valuation disputes."
In addition to conforming our work to the processes and guidelines of our review customers, there are four Fannie Mae forms that are largely used for review services, and we will produce an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At GA Appraisal Services, we are skilled in all forms of appraisal reviews, review processes and the obligations of review appraisers.
We are familiar with what amounts to a quality appraisal and what the most prevalent defects are, especially in our housing market. We're also experienced enough to respect that our competitors in our market are qualified to do good work. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can rely on us to justly evaluate appraisal reports executed by others. And those others might be evaluating our work, too!
Here at GA Appraisal Services, you can count on our honest judgment, because we offer professional, unbiased, ethical appraisal review services for our clients. Contact us to learn more about our qualifications, expertise and service offerings.