Appraisal Reviews by Advantage 1 Appraisals
As stated in an announcement by the Federal Reserve, "financial institutions are required to have an effective, unbiased real estate appraisal and evaluation plan," and that appraisers fulfilling reviews have to "have the ability and expertise to determine compliance with the Federal Reserves appraisal regulations and guidelines." Here at Advantage 1 Appraisals, we provide appraisal review services that are objective, expert, professional and compliant with the Federal Reserve's regulations.
If you need a real estate appraisal review or have questions regarding an appraisal, call us today.
Appraisal reviews "have to find out whether the appraisal or evaluation is appropriate for the transaction, the danger of the transaction, and whether the actions by which the collateral valuation is collected ensures independence and quality," according to the Federal Reserve. In addition, they "must signify whether the appraisal or evaluation report matches the engagement letter, which describes the range of the appraisal assignment." Last, The Federal Reserve notes that "some institutions augment regular reviews with post-funding assessments of appraisal quality for a few of their high-risk or large-value dealings as a way to assist in discovering valuation disputes."
In addition to coordinating our work to the practices and guidelines of our review clients, there are four Fannie Mae forms that are mostly used for review services, and we can develop 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 Advantage 1 Appraisals, we're qualified in every kind of appraisal review, review process and the requirements of review appraisers.
Advantage 1 Appraisals realizes what the most frequent weaknesses are, especially in our real estate market. We also understand what constitutes a quality appraisal. In the same regard, the professionals at Advantage 1 Appraisals are adequately experienced to acknowledge that our competitors in our market are able to do a good job. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can count on us to ethically assess appraisal reports executed by others. And those others might be reviewing our work, too!
You can trust Advantage 1 Appraisals for our honest judgment, because we offer professional, unbiased, ethical appraisal review services for our clients. Contact Advantage 1 Appraisals regarding our qualifications, expertise and service offerings.