As said in an announcement by the Federal Reserve, "financial institutions must have an effective, impartial real estate appraisal and evaluation program," and that appraisers fulfilling reviews have to "have the familiarity and skills to assess compliance with the Federal Reserves appraisal rules and guidelines." At Floyd Appraisal Works, we provide appraisal review services that are independent, expert, professional and in line with the Federal Reserve's rules.
If you have questions in reference to an appraisal, or if you're in the need of a real estate appraisal review, call us today.
Appraisal reviews "ought to figure out whether the appraisal or evaluation is relevant for the transaction, the liability of the transaction, and whether the means by which the collateral valuation is obtained guarantees independence and quality," according to the Federal Reserve. Moreover, they "should indicate whether the appraisal or evaluation report matches the engagement letter, which describes the capacity of the appraisal assignment." Last, The Federal Reserve states that "some banks reinforce periodic reviews with post-funding assessments of appraisal quality for a number of their higher-risk or high-value affairs as a means to assist in identifying valuation dilemmas."
In addition to coordinating our work to the practices and guidelines of our review clients, there are four Fannie Mae forms that are largely 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. Here at Floyd Appraisal Works, we are experienced in all types of appraisal reviews, review procedures and the responsibilities of review appraisers.
We are familiar with what the most frequent deficiencies are, particularly in our housing market. We also know what constitutes a quality appraisal. In the same regard, we are proficient enough to admit that our competitors in our market are able to do a great job. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can count on us to justly assess appraisal reports performed by others. And those others may be evaluating our work, too!
For professional, unbiased, ethical appraisal review services and independent judgments, you can rely on Floyd Appraisal Works. Contact Floyd Appraisal Works for more information regarding our qualifications, expertise and services offered.