Appraisal Reviews with Floyd Appraisal Works
As said in an announcement by the Federal Reserve, "financial institutions are obligated to have effective, objective real estate appraisal and evaluation programs," and that appraisers performing reviews should "have the ability and skillfulness to assess compliance with the Federal Reserves appraisal rules and guidelines." Floyd Appraisal Works provides appraisal review services that are objective, qualified, professional and compliant with the Federal Reserve's rules.
If you have questions in reference to an appraisal, or if you need a real estate appraisal review, contact Floyd Appraisal Works today.
Appraisal reviews "ought to conclude whether the appraisal or evaluation is fitting for the transaction, the risk of the transaction, and whether the processes by which the collateral valuation is attained ensures independence and quality," as stated by the Federal Reserve. They "should also signify whether the appraisal or evaluation report matches the engagement letter, which sets forth the outlook of the appraisal assignment." Lastly, the Federal Reserve says that "some banks reinforce regular reviews with post-funding assessments of appraisal quality for any of their higher-risk or high-value transactions as a control to help in revealing valuation concerns."
In addition to tailoring our work to the forms and guidelines of our review clients, there are four Fannie Mae forms that are typically used for review services, and we'll formulate an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At Floyd Appraisal Works, we are skilled in every type of appraisal review, review practice and the obligations of review appraisers.
Floyd Appraisal Works knows what the greatest imperfections are, especially in our real estate market, as well as what amounts to a quality appraisal. We're also skilled enough to admit that the competitors in our market are capable of good work. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can count on Floyd Appraisal Works to ethically assess appraisal reports carried out by others. And those others could be evaluating our work, too!
Here at Floyd Appraisal Works, you can count on our honest judgment, because we offer professional, fair, ethical appraisal review services for our clients. Contact Floyd Appraisal Works to learn more about our qualifications, expertise and services offered.