Qualified Appraisal Reviews by 1 Hour Appraisal
According to a statement by the Federal Reserve, "financial institutions must have an effective, objective real estate appraisal and evaluation plan," and that appraisers fulfilling reviews must "have the ability and expertise to assess compliance with the Federal Reserves appraisal rules and guidelines." If you need appraisal review services that are impartial, expert, professional and in accordance with the Federal Reserve's regulations, just contact 1 Hour Appraisal.
If you're in the need of a real estate appraisal review or have questions in reference to an appraisal, call 1 Hour Appraisal today.
According to the Federal Reserve, appraisal reviews "must verify whether the appraisal or evaluation is pertinent for the transaction, the danger of the transaction, and whether the processes by which the collateral valuation is attained guarantees independence and quality." They "must also indicate whether the appraisal or evaluation report matches the engagement letter, which describes the capacity of the appraisal assignment." Lastly, the Federal Reserve says that "some institutions reinforce regular reviews with post-funding surveys of appraisal quality for any of their higher-risk or high-value transactions as a method to aid in exposing valuation concerns."
In addition to adapting our work to the processes and guidelines of our review clients, there are four Fannie Mae forms that are largely used for review services, and we'll 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. At 1 Hour Appraisal, we're experienced in every form of appraisal review, review practice and the responsibilities of review appraisers.
We're aware of what the most prevalent defects are, particularly in our home market. We also understand what constitutes a quality appraisal. In the same sense, we are skilled enough to realize that the competitors in our market are qualified to do a good job. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can trust 1 Hour Appraisal to lawfully study appraisal reports completed by others. And those others may be reviewing our work, too!
For professional, unbiased, ethical appraisal review services and independent judgments, you can count on 1 Hour Appraisal. Contact us regarding our qualifications, expertise and service offerings.