Appraisal Reviews with Barnes Appraisal Company
According to an announcement by the Federal Reserve, "financial institutions are obligated to have effective, independent real estate appraisal and evaluation procedures," and that appraisers doing reviews should "have the proficiency and skills to evaluate compliance with the Federal Reserves appraisal rules and guidelines." Barnes Appraisal Company provides appraisal review services that are impartial, qualified, professional and in accordance with the Federal Reserve's guidelines.
If you're in the need of a real estate appraisal review or have questions about an appraisal, contact us today.
As stated by the Federal Reserve, appraisal reviews "must verify whether the appraisal or evaluation is pertinent for the transaction, the liability of the transaction, and whether the actions by which the collateral valuation is accomplished ensures independence and quality." In addition, they "should show whether the appraisal or evaluation report matches the engagement letter, which sets forth the range of the appraisal assignment." The Federal Reserve also says that "some financial institutions add periodic reviews with post-funding surveys of appraisal quality for a number of their higher-risk or high-value transactions as a control to help in detecting valuation dilemmas."
In addition to coordinating our work to the regulations and guidelines of our review customers, there are four Fannie Mae forms that are normally 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. Here at Barnes Appraisal Company, we are trained in all kinds of appraisal reviews, review practices and the responsibilities of review appraisers.
We understand what constitutes a quality appraisal and what the most common weaknesses are, specifically in our real estate market. In the same regard, we're amply trained to acknowledge that the competitors in our market are skillful in doing a fine job. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can trust Barnes Appraisal Company to fairly evaluate appraisal reports executed by others. And those others may be evaluating our work, too!
You can trust Barnes Appraisal Company for our honest judgment, because we offer professional, impartial, ethical appraisal review services for our clients. Contact us to learn more about our qualifications, expertise and services offered.