Appraisal Reviews with Metro Appraisals
As said in an announcement by the Federal Reserve, "financial institutions are required to have an effective, independent real estate appraisal and evaluation program," and that appraisers completing reviews must "have the knowledge and expertise to determine compliance with the Federal Reserves appraisal rules and guidelines." If you're looking for appraisal review services that are objective, qualified, professional and square with the Federal Reserve's regulations, look no further than Metro Appraisals.
If you need a real estate appraisal review or have questions regarding an appraisal, call Metro Appraisals today.
Appraisal reviews "ought to determine whether the appraisal or evaluation is fitting for the transaction, the liability of the transaction, and whether the processes by which the collateral valuation is accomplished guarantees independence and quality," as stated by the Federal Reserve. They "should also show whether the appraisal or evaluation report matches the letter of engagement, which sets forth the outlook of the appraisal assignment." Last, The Federal Reserve states that "some institutions augment regular reviews with post-funding surveys of appraisal quality for a few of their high-risk or greater-value transactions as a means to assist in uncovering valuation problems."
In addition to tailoring our work to the practices and guidelines of our review customers, there are four Fannie Mae forms that are mostly used for review services, and we'll 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 Metro Appraisals, we are qualified in all kinds of appraisal reviews, review procedures and the responsibilities of review appraisers.
We're aware of what amounts to a quality appraisal and what the biggest weaknesses are, especially in our housing market. At the same time, we are amply skilled to identify that the competition in our market are qualified to do a great job. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can rely on Metro Appraisals to objectively review appraisal reports carried out by others. And those others may be studying our work, too!
In short, when you choose Metro Appraisals, you can be sure of our neutral judgment, because we offer professional, unbiased, ethical appraisal review services for our clients. Contact us to learn more about our qualifications, expertise and service offerings.