Appraisal ReviewsAccording to an announcement by the Federal Reserve (click here), "financial institutions must have an effective, independent real estate appraisal and evaluation program" and that it's the responsibility of appraisers performing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." 1 Tree Realestate Appraisal Service provides appraisal review services that are impartial, expert, professional and in line with the Federal Reserve's regulations.
The purpose of appraisal reviews are to reveal: whether the original appraisal or evaluation is suitable for the transaction, the exposure inherit in the transaction, and whether the processes by which the collateral valuation is attained ensures independence and quality. In addition, they must indicate whether the appraisal or evaluation report matches the engagement letter, which describes the capacity of the appraisal assignment. The Federal Reserve states that "some banks supplement routine reviews with post-funding evaluations of appraisal quality for some of their higher-risk or greater-value transactions as a control to assist in detecting valuation problems".
In addition to conforming our work to the processes and guidelines of our review customers, there are four Fannie Mae forms that are primarily used for review services, and we will produce an appraisal review on any one of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At 1 Tree Realestate Appraisal Service, we're skilled in all kinds of appraisal reviews, review procedures and the responsibilities of review appraisers.
1 Tree Realestate Appraisal Service understands what makes a quality appraisal and what the most frequent deficiencies are, specifically when it comes to our home market. The professionals at 1 Tree Realestate Appraisal Service are also experienced enough to identify that our competition in our market are skillful in doing quality work. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can trust 1 Tree Realestate Appraisal Service to justly evaluate appraisal reports executed by others. And those others may be reviewing our work, too!
You can trust 1 Tree Realestate Appraisal Service for our independent judgment, because we offer professional, fair, ethical appraisal review services for our clients. Contact 1 Tree Realestate Appraisal Service for more information regarding our qualifications, expertise and services offered.