Appraisal Reviews by Bear Rock Appraisal
According to an announcement by the Federal Reserve, "financial institutions are obligated to have effective, objective real estate appraisal and evaluation procedures," and that appraisers doing reviews must "have the ability and expertise to evaluate compliance with the Federal Reserves appraisal rules and guidelines." Here at Bear Rock Appraisal, we provide appraisal review services that are objective, expert, professional and in line with the Federal Reserve's rules.
If you have questions regarding an appraisal, or if you're in the need of a real estate appraisal review, contact us today.
As stated by the Federal Reserve, appraisal reviews "have to determine whether the appraisal or evaluation is fitting for the transaction, the danger of the transaction, and whether the practices by which the collateral valuation is accomplished guarantees independence and quality." Moreover, they "should show whether the appraisal or evaluation report is true to the letter of engagement, which gives an account of the extent of the appraisal assignment." Lastly, the Federal Reserve says that "some banks augment regular reviews with post-funding surveys of appraisal quality for any of their high-liability or high-value dealings as a method to help in discovering valuation concerns."
In addition to tailoring our work to the procedures and guidelines of our review customers, there are four Fannie Mae forms that are normally used for review services, and we will 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 Bear Rock Appraisal, we're experienced in every type of appraisal review, review practice and the obligations of review appraisers.
We are aware of what represents a quality appraisal and what the most frequent weaknesses are, particularly in our housing market. At the same time, we're professional enough to identify that the competition in our market are capable of doing a great job. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can trust Bear Rock Appraisal to fairly look over appraisal reports performed by others. And those others might be examining our work, too!
Here at Bear Rock Appraisal, you can trust our independent judgment, because we offer professional, objective, ethical appraisal review services for our customers. Contact us for more information regarding our qualifications, expertise and services offered.