ASAP Appraisal, LLC Appraisal ReviewsAs stated 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 completing reviews are obligated to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." At ASAP Appraisal, LLC, we provide appraisal review services that are impartial, efficient, professional and in line with the Federal Reserve's regulations.
A review appraisal has to verify: whether the original appraisal or evaluation is fitting for the transaction, the risk inherit in the transaction, and whether the procedure by which the real estate valuation is obtained ensures independence and quality. They must also denote whether the appraisal or evaluation report is consistent with the letter of engagement, which describes the reach of the appraisal assignment. Lastly, the Fed goes on to say 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 adapting our work to the practices and guidelines of our review clients, there are four Fannie Mae forms that are usually used for review services, and we'll formulate an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. Here at ASAP Appraisal, LLC, we are experienced in all forms of appraisal reviews, review processes and the obligations of review appraisers.
We understand what makes a quality appraisal and what the biggest inadequacies are, especially in our local housing market. At the same time, the professionals at ASAP Appraisal, LLC are amply skilled to know that our competitors in our market are capable of doing good work. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can count on ASAP Appraisal, LLC to justly evaluate appraisal reports completed by others. And those others could be reviewing our work, too!
When you choose ASAP Appraisal, LLC, you can be sure of our independent judgment, because we offer professional, unbiased, ethical appraisal review services for our customers. Contact us to learn more about our qualifications, expertise and service offerings.