Premier Appraisal of SoCal Appraisal Reviews
As stated in an announcement by the Federal Reserve, "financial institutions are obligated to have effective, impartial real estate appraisal and evaluation procedures," and that appraisers performing reviews are obligated to "have the proficiency and expertise to evaluate compliance with the Federal Reserves appraisal rules and guidelines." Premier Appraisal of SoCal provides appraisal review services that are objective, efficient, professional and compliant with the Federal Reserve's regulations.
If you need a real estate appraisal review or have questions about an appraisal, contact us today.
Appraisal reviews "ought to verify whether the appraisal or evaluation is relevant for the transaction, the risk of the transaction, and whether the procedures by which the collateral valuation is attained ensures independence and quality," the Federal Reserve says. They "must also demonstrate whether the appraisal or evaluation report is even with the letter of engagement, which sets forth the capacity of the appraisal assignment." Lastly, the Federal Reserve says that "some institutions supplement typical reviews with post-funding evaluations of appraisal quality for a number of their high-risk or large-value transactions as a method to aid in revealing valuation issues."
In addition to tailoring our work to the processes and guidelines of our review customers, there are four Fannie Mae forms that are mostly used for review services, and we will formulate 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 Premier Appraisal of SoCal, we are qualified in every form of appraisal review, review procedure and the requirements of review appraisers.
We are familiar with what the biggest weaknesses are, particularly in our home market, as well as what constitutes a quality appraisal. We're also trained enough to know that our competition in our market are able to do a great job. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can trust us to fairly study appraisal reports carried out by others. And those others may be examining our work, too!
For professional, impartial, ethical appraisal review services and honest judgments, you can depend on Premier Appraisal of SoCal. Contact Premier Appraisal of SoCal to learn more about our qualifications, expertise and services offered.