Elite Appraisal Group Appraisal ReviewsAs said in an announcement by the Federal Reserve (click here), "financial institutions must have an effective, independent real estate appraisal and evaluation program" and that appraisers engaged in reviews ought to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." At Elite Appraisal Group, we provide appraisal review services that are independent, qualified, professional and compliant with the Federal Reserve's regulations.
The purpose of appraisal reviews are to pursue: whether the original appraisal or evaluation is appropriate for the transaction, the liability inherit in the transaction, and whether the procedures by which the property valuation is acquired guarantees independence and quality. Moreover, they should show whether the appraisal or evaluation report is compatible with the letter of engagement, which gives an account of the scope of the appraisal assignment. The Federal Reserve also says 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 tailoring our work to the practices and guidelines of our review customers, there are four Fannie Mae forms that are generally used for review services, and we will 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 Elite Appraisal Group, we are skilled in all types of appraisal reviews, review procedures and the responsibilities of review appraisers.
Elite Appraisal Group is aware of what constitutes a quality appraisal and what the greatest errors are, especially when it comes to our local housing market. In the same sense, we are adequately trained to know that our competitors in our market are capable of good work. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can rely on us to objectively examine appraisal reports executed by others. And those others might be examining our work, too!
When you choose Elite Appraisal Group, you can rely on our truthful judgment, because we offer professional, impartial, ethical appraisal review services for our clients. Contact us for more information about our qualifications, expertise and services offered.