Expert Appraisal Reviews with Prime Appraisals, LLC
As said in an announcement by the Federal Reserve, "financial institutions are obligated to have effective, objective real estate appraisal and evaluation plans," and that appraisers fulfilling reviews ought to "have the proficiency and skills to evaluate compliance with the Federal Reserves appraisal regulations and guidelines." Here at Prime Appraisals, LLC, we provide appraisal review services that are unbiased, expert, professional and in accordance with the Federal Reserve's guidelines.
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 relevant for the transaction, the uncertainty of the transaction, and whether the method by which the collateral valuation is acquired ensures independence and quality," according to the Federal Reserve. They "should also indicate whether the appraisal or evaluation report is true to the letter of engagement, which describes the capacity of the appraisal assignment." Lastly, the Federal Reserve states that "some banks reinforce typical reviews with post-funding surveys of appraisal quality for a number of their high-risk or larger-value affairs as a control to assist in discovering valuation concerns."
In addition to tailoring our work to the processes and guidelines of our review clients, there are four Fannie Mae forms that are widely used for review services, and we'll produce an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At Prime Appraisals, LLC, we're qualified in all types of appraisal reviews, review procedures and the requirements of review appraisers.
We're aware of what the most common weaknesses are, especially in our housing market, as well as what constitutes a quality appraisal. The professionals at Prime Appraisals, LLC are also trained enough to acknowledge that our competition in our market are capable of doing a great job. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can rely on us to ethically examine appraisal reports executed by others. And those others might be examining our work, too!
In short, at Prime Appraisals, LLC, you can rely on our neutral judgment, because we offer professional, objective, ethical appraisal review services for our clients. Contact us regarding our qualifications, expertise and service offerings.