As stated in an announcement by the Federal Reserve, "financial institutions are required to have effective, objective real estate appraisal and evaluation procedures," and that appraisers doing reviews should "have the ability and skillfulness to assess compliance with the Federal Reserves appraisal rules and guidelines." For appraisal review services that are impartial, efficient, professional and in line with the Federal Reserve's guidelines, just contact Alford & Associates.
If you're in the need of a real estate appraisal review or have questions about an appraisal, call us today.
The Federal Reserve says appraisal reviews "must find out whether the appraisal or evaluation is suitable for the transaction, the uncertainty of the transaction, and whether the procedure by which the collateral valuation is collected guarantees independence and quality." In addition, they "should indicate whether the appraisal or evaluation report is true to the engagement letter, which sets forth the capacity of the appraisal assignment." Last, The Federal Reserve says that "some institutions add routine reviews with post-funding evaluations of appraisal quality for some of their high-liability or larger-value transactions as a means to aid in uncovering valuation problems."
In addition to tailoring our work to the practices and guidelines of our review customers, there are four Fannie Mae forms that are usually used for review services, and we will formulate 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 Alford & Associates, we're skilled in every kind of appraisal review, review procedure and the requirements of review appraisers.
We understand what the greatest imperfections are, especially in our home market. We also understand what makes a quality appraisal. The professionals at Alford & Associates are also trained enough to respect that the competition in our market are capable of a great job. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can rely on Alford & Associates to objectively evaluate appraisal reports performed by others. And those others might be evaluating our work, too!
You can depend on Alford & Associates for our independent judgment, because we offer professional, impartial, ethical appraisal review services for our clients. Contact Alford & Associates to learn more about our qualifications, expertise and services offered.