Quality Appraisal Reviews with NC Appraisal Center
As stated in an announcement by the Federal Reserve, "financial institutions are obligated to have effective, independent real estate appraisal and evaluation plans," and that appraisers completing reviews should "have the ability and skills to evaluate compliance with the Federal Reserves appraisal regulations and guidelines." Here at NC Appraisal Center, we provide appraisal review services that are independent, expert, professional and compliant with the Federal Reserve's regulations.
If you have questions about an appraisal, or if you're in the need of a real estate appraisal review, contact us today.
According to the Federal Reserve, appraisal reviews "have to decide whether the appraisal or evaluation is applicable for the transaction, the uncertainty of the transaction, and whether the means by which the collateral valuation is obtained ensures independence and quality." Moreover, they "must indicate whether the appraisal or evaluation report matches the letter of engagement, which sets forth the extent of the appraisal assignment." The Federal Reserve also notes that "some banks augment regular reviews with post-funding surveys of appraisal quality for a number of their higher-liability or higher-value affairs as a way to help in exposing valuation issues."
In addition to coordinating our work to the practices and guidelines of our review customers, there are four Fannie Mae forms that are largely used for review services, and we will prepare an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At NC Appraisal Center, we're skilled in every type of appraisal review, review procedure and the responsibilities of review appraisers.
We are aware of what the biggest weaknesses are, particularly in our home market. We also understand what represents a quality appraisal. In the same regard, we are experienced enough to acknowledge that the competition in our market are able to do quality work. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can rely on NC Appraisal Center to objectively study appraisal reports carried out by others. And those others may be reviewing our work, too!
In short, at NC Appraisal Center, you can count on our neutral judgment, because we offer professional, fair, ethical appraisal review services for our customers. Contact NC Appraisal Center for more information regarding our qualifications, expertise and service offerings.