Elite Appraisal Group Appraisal ReviewsAs said 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 duty of appraisers fulfilling reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Elite Appraisal Group provides appraisal review services that are impartial, efficient, professional and compliant with the Federal Reserve's regulations.
A review appraisal should find out: whether the original appraisal or evaluation is well-suited for the transaction, the risk inherit in the transaction, and whether the practices by which the property valuation is attained ensures independence and quality. They must also show whether the appraisal or evaluation report is true to the engagement letter, which gives an account of the range of the appraisal assignment. The Fed states 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 conforming our work to the forms and guidelines of our review customers, there are four Fannie Mae forms that are normally used for review services, and we can develop an appraisal review on any one of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. Here at Elite Appraisal Group, we're experienced in every form of appraisal review, review practice and the requirements of review appraisers.
Elite Appraisal Group understands what the most likely report defects are, especially in our real estate market, as well as what amounts to a quality appraisal. We're also amply skilled to acknowledge that the competitors in our market are qualified to do good work. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can rely on Elite Appraisal Group to lawfully valuate appraisal reports done by others. And those others might be evaluating our work, too!
You can count on Elite Appraisal Group for our neutral judgment, because we offer professional, fair, ethical appraisal review services for our customers. Contact Elite Appraisal Group regarding our qualifications, expertise and services offered.