Appraisal Reviews with Real Property Metrics
According to an announcement by the Federal Reserve, "financial institutions are obligated to have an effective, unbiased real estate appraisal and evaluation program," and that appraisers doing reviews should "have the familiarity and expertise to assess compliance with the Federal Reserves appraisal rules and guidelines." If you're looking for appraisal review services that are independent, efficient, professional and square with the Federal Reserve's rules, just contact Real Property Metrics.
If you have questions regarding an appraisal, or if you're in the need of a real estate appraisal review, call us today.
Appraisal reviews "have to decide whether the appraisal or evaluation is pertinent for the transaction, the uncertainty of the transaction, and whether the processes by which the collateral valuation is acquired ensures independence and quality," the Federal Reserve says. They "must also denote whether the appraisal or evaluation report is even with the engagement letter, which describes the range of the appraisal assignment." Lastly, the Federal Reserve notes that "some banks add typical reviews with post-funding evaluations of appraisal quality for any of their high-risk or high-value dealings as a method to assist in exposing valuation disputes."
In addition to tailoring our work to the processes and guidelines of our review customers, there are four Fannie Mae forms that are generally used for review services, and we can 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 Real Property Metrics, we're trained in all kinds of appraisal reviews, review processes and the requirements of review appraisers.
We are aware of what the biggest imperfections are, particularly in our home market. We also know what represents a quality appraisal. At the same time, we're skilled enough to acknowledge that our 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 trust us to fairly study appraisal reports carried out by others. And those others may be evaluating our work, too!
You can count on Real Property Metrics for our neutral judgment, because we offer professional, objective, ethical appraisal review services for our customers. Contact Real Property Metrics for more information regarding our qualifications, expertise and service offerings.