As said in a statement by the Federal Reserve, "financial institutions are obligated to have effective, objective real estate appraisal and evaluation programs," and that appraisers completing reviews are obligated to "have the ability and skills to assess compliance with the Federal Reserves appraisal rules and guidelines." At Barnes Appraisal Company, we provide appraisal review services that are impartial, expert, professional and square with the Federal Reserve's guidelines.
If you have questions in reference to an appraisal, or if you need a real estate appraisal review, call us today.
Appraisal reviews "have to decide whether the appraisal or evaluation is pertinent for the transaction, the risk of the transaction, and whether the manner by which the collateral valuation is acquired guarantees independence and quality," as stated by the Federal Reserve. They "should also denote whether the appraisal or evaluation report is consistent with the engagement letter, which sets forth the capacity of the appraisal assignment." Lastly, the Federal Reserve says that "some banks reinforce routine reviews with post-funding assessments of appraisal quality for any of their high-liability or high-value contracts as a control to help in uncovering valuation complications."
In addition to coordinating our work to the practices and guidelines of our review clients, there are four Fannie Mae forms that are usually 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 are experienced in every type of appraisal review, review process and the responsibilities of review appraisers.
Barnes Appraisal Company understands what the most frequent imperfections are, particularly in our home market. We also know what makes a quality appraisal. In the same sense, we're amply trained to admit that our competitors in our market are capable of doing quality work. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can count on Barnes Appraisal Company to ethically evaluate appraisal reports carried out by others. And those others could be evaluating our work, too!
Here at Barnes Appraisal Company, you can count on our independent judgment, because we offer professional, unbiased, ethical appraisal review services for our customers. Contact Barnes Appraisal Company regarding our qualifications, expertise and service offerings.