Crest Appraisal Services Appraisal Reviews
As stated in an announcement by the Federal Reserve, "financial institutions are required to have effective, objective real estate appraisal and evaluation programs," and that appraisers completing reviews ought to "have the familiarity and skillfulness to determine compliance with the Federal Reserves appraisal rules and guidelines." Crest Appraisal Services provides appraisal review services that are independent, qualified, professional and in line with the Federal Reserve's rules.
If you have questions regarding an appraisal, or if you're in the need of a real estate appraisal review, contact us today.
Appraisal reviews "have to determine whether the appraisal or evaluation is suitable for the transaction, the danger of the transaction, and whether the processes by which the collateral valuation is collected guarantees independence and quality," as stated by the Federal Reserve. They "must also denote whether the appraisal or evaluation report is compatible with the engagement letter, which gives an account of the range of the appraisal assignment." The Federal Reserve also notes that "some financial institutions supplement periodic reviews with post-funding assessments of appraisal quality for any of their high-risk or large-value affairs as a control to help in exposing valuation concerns."
In addition to adapting our work to the processes and guidelines of our review clients, there are four Fannie Mae forms that are mostly used for review services, and we'll 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 Crest Appraisal Services, we're skilled in all types of appraisal reviews, review processes and the requirements of review appraisers.
Crest Appraisal Services realizes what the greatest weaknesses are, specifically in our real estate market. We also know what represents a quality appraisal. In the same sense, we're trained enough to recognize that the competitors in our market are capable of doing good work. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can trust us to objectively review appraisal reports carried out by others. And those others could be examining our work, too!
When you choose Crest Appraisal Services, you can rely on our honest judgment, because we offer professional, fair, ethical appraisal review services for our customers. Contact Crest Appraisal Services regarding our qualifications, expertise and service offerings.