Barnes Appraisal Company Appraisal Reviews
As stated in an announcement
by the Federal Reserve (click here), "financial institutions must have an effective, independent real estate appraisal and evaluation program" and that
it's the prudent for appraisers fulfilling reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines."
Barnes Appraisal Company provides appraisal review services that are objective, qualified, professional and in accordance with the Federal Reserve's regulations.
The purpose of appraisal reviews are to pursue: whether the original appraisal or evaluation is well-suited for the transaction, the risk inherit in the transaction, and whether the manners by which the property valuation is attained guarantees independence and quality.
The review should also show whether the appraisal or evaluation report is true to the engagement letter, which describes the reach of the appraisal assignment.
The Federal Reserve goes on to say that "some banks supplement routine reviews with post-funding evaluations of appraisal quality for some of their higher-risk or greater-value transactions as a control to assist in detecting valuation problems".
In addition to adjusting our work to the practices and guidelines of our review customers, there are four Fannie Mae forms that are generally used for review services, and we can prepare an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form.
At Barnes Appraisal Company, we're trained in every form of appraisal review, review process and the requirements of review appraisers.
Barnes Appraisal Company is aware of what the typical report weaknesses are, particularly in our housing market, as well as what represents a quality appraisal.
The professionals at Barnes Appraisal Company are also adequately experienced to distinguish that the competitors in our market are able to do good work.
The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can rely on us to justly review appraisal reports done by others. And those others might be reviewing our work, too!
When you choose Barnes Appraisal Company, you can trust our honest judgment, because we offer professional, impartial, ethical appraisal review services for our customers.
Contact Barnes Appraisal Company regarding our qualifications, expertise and service offerings.