According to a statement by the Federal Reserve, "financial institutions are required to have an effective, unbiased real estate appraisal and evaluation plan," and that appraisers performing reviews must "have the ability and skills to assess compliance with the Federal Reserves appraisal regulations and guidelines." At EKJ Appraisals, we provide appraisal review services that are objective, efficient, professional and in accordance with the Federal Reserve's rules.
If you need a real estate appraisal review or have questions in reference to an appraisal, contact us today.
Appraisal reviews "ought to find out whether the appraisal or evaluation is suitable for the transaction, the danger of the transaction, and whether the practices by which the collateral valuation is acquired guarantees independence and quality," according to the Federal Reserve. In addition, they "should indicate whether the appraisal or evaluation report is compatible with the engagement letter, which sets forth the extent of the appraisal assignment." The Federal Reserve also notes that "some financial institutions reinforce routine reviews with post-funding assessments of appraisal quality for some of their high-liability or greater-value contracts as a way to aid in exposing valuation issues."
In addition to tailoring our work to the forms and guidelines of our review customers, there are four Fannie Mae forms that are widely used for review services, and we will formulate 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 EKJ Appraisals, we're experienced in every form of appraisal review, review process and the requirements of review appraisers.
EKJ Appraisals is aware of what constitutes a quality appraisal and what the most frequent imperfections are, specifically in our real estate market. Concurrently, we're experienced enough to realize that the competitors in our market are skillful in doing good work. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can count on us to lawfully look over appraisal reports performed by others. And those others could be reviewing our work, too!
For professional, objective, ethical appraisal review services and truthful judgments, you can count on EKJ Appraisals. Contact us regarding our qualifications, expertise and services offered.