As said in an announcement by the Federal Reserve, "financial institutions must have effective, unbiased real estate appraisal and evaluation procedures," and that appraisers fulfilling reviews must "have the familiarity and skillfulness to determine compliance with the Federal Reserves appraisal regulations and guidelines." At Weaver Appraisal Group, we provide appraisal review services that are independent, expert, professional and compliant with the Federal Reserve's guidelines.
If you're in the need of a real estate appraisal review or have questions about an appraisal, call us today.
Appraisal reviews "must find out whether the appraisal or evaluation is applicable for the transaction, the uncertainty of the transaction, and whether the procedures by which the collateral valuation is obtained ensures independence and quality," according to the Federal Reserve. In addition, they "must demonstrate whether the appraisal or evaluation report is true to the letter of engagement, which gives an account of the range of the appraisal assignment." The Federal Reserve also notes that "some financial institutions reinforce periodic reviews with post-funding surveys of appraisal quality for a number of their high-liability or larger-value affairs as a way to help in discovering valuation dilemmas."
In addition to adapting our work to the processes and guidelines of our review customers, there are four Fannie Mae forms that are primarily used for review services, and we will prepare an appraisal review on any one of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At Weaver Appraisal Group, we're experienced in all kinds of appraisal reviews, review processes and the requirements of review appraisers.
We are aware of what the most frequent weaknesses are, specifically in our real estate market, as well as what constitutes a quality appraisal. In the same sense, we are trained enough to acknowledge that the competitors in our market are capable of doing quality work. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can trust Weaver Appraisal Group to lawfully evaluate appraisal reports done by others. And those others may be examining our work, too!
At Weaver Appraisal Group, you can count on our truthful judgment, because we offer professional, objective, ethical appraisal review services for our clients. Contact us for more information about our qualifications, expertise and service offerings.