Experienced Appraisal Reviews by Edwards Appraisal Service LLC
According to a statement by the Federal Reserve, "financial institutions are obligated to have effective, impartial real estate appraisal and evaluation plans," and that appraisers fulfilling reviews must "have the knowledge and skills to assess compliance with the Federal Reserves appraisal regulations and guidelines." Edwards Appraisal Service LLC provides appraisal review services that are impartial, expert, professional and in accordance with the Federal Reserve's regulations.
If you have questions regarding an appraisal, or if you're in the need of a real estate appraisal review, contact us today.
Appraisal reviews "have to determine whether the appraisal or evaluation is applicable for the transaction, the risk of the transaction, and whether the procedure by which the collateral valuation is attained guarantees independence and quality," according to the Federal Reserve. They "must also show whether the appraisal or evaluation report is consistent with the engagement letter, which sets forth the outlook of the appraisal assignment." The Federal Reserve also says that "some banks augment regular reviews with post-funding evaluations of appraisal quality for some of their higher-risk or higher-value contracts as a way to aid in revealing valuation complications."
In addition to adapting our work to the regulations and guidelines of our review clients, there are four Fannie Mae forms that are usually used for review services, and we can develop an appraisal review on any one of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. Here at Edwards Appraisal Service LLC, we are experienced in all types of appraisal reviews, review practices and the obligations of review appraisers.
We are familiar with what the most frequent weaknesses are, specifically in our home market. We also understand what represents a quality appraisal. In this regard, we're trained enough to identify that the competition in our market are able to do a fine job. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can trust us to justly valuate appraisal reports carried out by others. And those others may be reviewing our work, too!
For professional, objective, ethical appraisal review services and neutral judgments, you can count on Edwards Appraisal Service LLC. Contact us to learn more about our qualifications, expertise and service offerings.