According to an announcement by the Federal Reserve, "financial institutions must have an effective, unbiased real estate appraisal and evaluation program," and that appraisers completing reviews ought to "have the ability and expertise to evaluate compliance with the Federal Reserves appraisal regulations and guidelines." Here at Binder and Associates (360) 573-8114, we provide appraisal review services that are independent, efficient, professional and square with the Federal Reserve's regulations.
If you need a real estate appraisal review or have questions about an appraisal, call us today.
Appraisal reviews "should determine whether the appraisal or evaluation is pertinent for the transaction, the uncertainty of the transaction, and whether the procedure by which the collateral valuation is acquired guarantees independence and quality," the Federal Reserve says. They "should also demonstrate whether the appraisal or evaluation report is compatible with the letter of engagement, which gives an account of the outlook of the appraisal assignment." Lastly, the Federal Reserve notes that "some financial institutions supplement typical reviews with post-funding evaluations of appraisal quality for a number of their higher-risk or greater-value contracts as a channel to aid in exposing valuation concerns."
In addition to adapting our work to the procedures and guidelines of our review clients, there are four Fannie Mae forms that are widely used for review services, and we can produce 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 Binder and Associates (360) 573-8114, we are trained in all forms of appraisal reviews, review procedures and the obligations of review appraisers.
We are familiar with what amounts to a quality appraisal and what the greatest imperfections are, specifically in our home market. In this regard, the professionals at Binder and Associates (360) 573-8114 are adequately skilled to identify that the competition 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 rely on us to justly review appraisal reports executed by others. And those others might be examining our work, too!
For professional, impartial, ethical appraisal review services and honest judgments, you can count on Binder and Associates (360) 573-8114. Contact us to learn more about our qualifications, expertise and services offered.