Ireland Appraisal Associates, LLC Appraisal Reviews
According to a statement by the Federal Reserve, "financial institutions are obligated to have an effective, impartial real estate appraisal and evaluation plan," and that appraisers performing reviews are obligated to "have the proficiency and skillfulness to assess compliance with the Federal Reserves appraisal rules and guidelines." If you're looking for appraisal review services that are objective, expert, professional and compliant with the Federal Reserve's rules, contact Ireland Appraisal Associates, LLC.
If you need a real estate appraisal review or have questions regarding an appraisal, contact us today.
According to the Federal Reserve, appraisal reviews "have to determine whether the appraisal or evaluation is fitting for the transaction, the danger of the transaction, and whether the means by which the collateral valuation is accomplished ensures independence and quality." In addition, they "should show whether the appraisal or evaluation report is true to the engagement letter, which describes the extent of the appraisal assignment." Lastly, the Federal Reserve notes that "some institutions augment periodic reviews with post-funding surveys of appraisal quality for a number of their higher-risk or higher-value contracts as a method to aid in exposing valuation issues."
In addition to conforming our work to the forms and guidelines of our review clients, there are four Fannie Mae forms that are generally used for review services, and we will 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. At Ireland Appraisal Associates, LLC, we're experienced in all kinds of appraisal reviews, review processes and the requirements of review appraisers.
We're aware of what the most prevalent imperfections are, especially in our housing market. We also understand what constitutes a quality appraisal. We're also sufficiently trained to acknowledge that our competition in our market are capable of a good job. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can count on us to fairly study appraisal reports performed by others. And those others might be evaluating our work, too!
When you choose Ireland Appraisal Associates, LLC, you can rely on our independent judgment, because we offer professional, objective, ethical appraisal review services for our customers. Contact Ireland Appraisal Associates, LLC to learn more about our qualifications, expertise and service offerings.