Appraisal Reviews with Duluth Appraisal Services
As said in a statement by the Federal Reserve, "financial institutions are required to have an effective, impartial real estate appraisal and evaluation plan," and that appraisers completing reviews are obligated to "have the knowledge and expertise to determine compliance with the Federal Reserves appraisal rules and guidelines." For appraisal review services that are independent, efficient, professional and in line with the Federal Reserve's guidelines, contact Duluth Appraisal Services.
If you need a real estate appraisal review or have questions in reference to an appraisal, call us today.
Appraisal reviews "must find out whether the appraisal or evaluation is appropriate for the transaction, the danger of the transaction, and whether the manner by which the collateral valuation is collected ensures independence and quality," the Federal Reserve says. Moreover, they "must demonstrate whether the appraisal or evaluation report is consistent with the letter of engagement, which gives an account of the scope of the appraisal assignment." The Federal Reserve also notes that "some financial institutions augment typical reviews with post-funding assessments of appraisal quality for some of their higher-risk or large-value affairs as a means to help in uncovering valuation issues."
In addition to conforming our work to the regulations and guidelines of our review clients, there are four Fannie Mae forms that are largely used for review services, and we can develop 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 Duluth Appraisal Services, we are qualified in all types of appraisal reviews, review processes and the responsibilities of review appraisers.
Duluth Appraisal Services knows what the most frequent weaknesses are, specifically in our real estate market. We also know what constitutes a quality appraisal. The professionals at Duluth Appraisal Services are also amply experienced to recognize that our competitors in our market are qualified to do a fine job. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can rely on Duluth Appraisal Services to objectively assess appraisal reports carried out by others. And those others might be reviewing our work, too!
You can trust Duluth Appraisal Services for our honest judgment, because we offer professional, unbiased, ethical appraisal review services for our clients. Contact us regarding our qualifications, expertise and service offerings.