According to an announcement by the Federal Reserve, "financial institutions are required to have an effective, objective real estate appraisal and evaluation program," and that appraisers doing reviews ought to "have the ability and expertise to determine compliance with the Federal Reserves appraisal rules and guidelines." Barnes Appraisal Company provides appraisal review services that are independent, qualified, professional and square with the Federal Reserve's rules.
If you're in the need of a real estate appraisal review or have questions regarding an appraisal, call us today.
Appraisal reviews "have to figure out whether the appraisal or evaluation is relevant for the transaction, the danger of the transaction, and whether the processes by which the collateral valuation is attained ensures independence and quality," according to the Federal Reserve. Moreover, they "must show whether the appraisal or evaluation report is consistent with the engagement letter, which sets forth the scope of the appraisal assignment." The Federal Reserve also notes that "some financial institutions add periodic reviews with post-funding surveys of appraisal quality for a number of their higher-liability or large-value affairs as a means to help in detecting valuation concerns."
In addition to coordinating our work to the procedures and guidelines of our review customers, there are four Fannie Mae forms that are normally used for review services, and we can 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 Barnes Appraisal Company, we're qualified in all types of appraisal reviews, review practices and the requirements of review appraisers.
Barnes Appraisal Company understands what constitutes a quality appraisal and what the most prevalent inadequacies are, specifically in our home market. We're also skilled enough to identify that our competition in our market are capable of doing a great job. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can count on us to objectively study appraisal reports executed by others. And those others may be examining our work, too!
In short, at Barnes Appraisal Company, you can be sure of our neutral judgment, because we offer professional, fair, ethical appraisal review services for our clients. Contact Barnes Appraisal Company for more information about our qualifications, expertise and service offerings.