Skilled Appraisal Reviews with First Choice Appraisal Services, Inc.According to a statement by the Federal Reserve (click here), "financial institutions must have an effective, independent real estate appraisal and evaluation program" and that appraisers doing reviews are obligated to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." First Choice Appraisal Services, Inc. provides appraisal review services that are impartial, qualified, professional and square with the Federal Reserve's rules.
The purpose of appraisal reviews are to pursue: whether the original appraisal or evaluation is suitable for the transaction, the risk inherit in the transaction, and whether the means by which the real estate valuation is attained ensures independence and quality. They must also signify whether the appraisal or evaluation report matches the letter of engagement, which gives an account of the range of the appraisal assignment. The Fed states 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 customers, there are four Fannie Mae forms that are usually used for review services, and we will produce an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At First Choice Appraisal Services, Inc., we're qualified in all types of appraisal reviews, review practices and the requirements of review appraisers.
First Choice Appraisal Services, Inc. realizes what the greatest reporting deficiencies are, specifically in our real estate market. We also understand what amounts to a quality appraisal. At the same time, the professionals at First Choice Appraisal Services, Inc. are adequately trained to realize that our competitors in our market are able to do a good job. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can trust First Choice Appraisal Services, Inc. to lawfully valuate appraisal reports carried out by others. And those others might be reviewing our work, too!
Here at First Choice Appraisal Services, Inc., you can have confidence in our independent judgment, because we offer professional, fair, ethical appraisal review services for our clients. Contact us for more information about our qualifications, expertise and services offered.