Appraisals Northwest Appraisal Reviews
As stated in an announcement by the Federal Reserve, "financial institutions are obligated to have an effective, impartial real estate appraisal and evaluation program," and that appraisers fulfilling reviews should "have the knowledge and skillfulness to evaluate compliance with the Federal Reserves appraisal regulations and guidelines." If you need appraisal review services that are independent, expert, professional and in line with the Federal Reserve's regulations, contact Appraisals Northwest.
If you have questions about an appraisal, or if you need a real estate appraisal review, contact us today.
Appraisal reviews "ought to decide whether the appraisal or evaluation is suitable for the transaction, the danger of the transaction, and whether the practices by which the collateral valuation is acquired ensures independence and quality," according to the Federal Reserve. They "should also denote whether the appraisal or evaluation report is even with the engagement letter, which sets forth the capacity of the appraisal assignment." Last, The Federal Reserve notes that "some institutions augment periodic reviews with post-funding surveys of appraisal quality for a few of their higher-liability or higher-value contracts as a method to help in discovering valuation complications."
In addition to adapting our work to the procedures and guidelines of our review clients, there are four Fannie Mae forms that are generally used for review services, and we'll 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 Appraisals Northwest, we are experienced in all kinds of appraisal reviews, review procedures and the requirements of review appraisers.
We understand what the most common imperfections are, especially in our housing market. We also understand what represents a quality appraisal. We're also skilled enough to respect that our competitors in our market are able to do good work. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can count on Appraisals Northwest to objectively assess appraisal reports completed by others. And those others may be studying our work, too!
When you choose Appraisals Northwest, you can rely on our neutral judgment, because we offer professional, fair, ethical appraisal review services for our clients. Contact us regarding our qualifications, expertise and service offerings.