Appraisal Reviews with Chris Peterson
According to an announcement by the Federal Reserve, "financial institutions must have an effective, objective real estate appraisal and evaluation program," and that appraisers completing reviews ought to "have the knowledge and skills to assess compliance with the Federal Reserves appraisal rules and guidelines." At Chris Peterson, we provide appraisal review services that are unbiased, efficient, professional and in line with the Federal Reserve's guidelines.
If you have questions regarding an appraisal, or if you're in the need of a real estate appraisal review, call us today.
The Federal Reserve says appraisal reviews "must verify whether the appraisal or evaluation is applicable for the transaction, the uncertainty of the transaction, and whether the practices by which the collateral valuation is acquired guarantees independence and quality." They "must also show whether the appraisal or evaluation report is true to the letter of engagement, which describes the capacity of the appraisal assignment." Last, The Federal Reserve states that "some banks reinforce typical reviews with post-funding surveys of appraisal quality for a few of their higher-liability or larger-value affairs as a means to aid in detecting valuation problems."
In addition to coordinating our work to the procedures and guidelines of our review clients, there are four Fannie Mae forms that are mostly used for review services, and we will produce 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 Chris Peterson, we're experienced in all kinds of appraisal reviews, review processes and the requirements of review appraisers.
We are aware of what represents a quality appraisal and what the most prevalent imperfections are, especially in our housing market. In the same regard, we're proficient enough to admit that the competitors in our market are capable of quality work. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can trust us to fairly look over appraisal reports executed by others. And those others might be examining our work, too!
For professional, objective, ethical appraisal review services and independent judgments, you can depend on Chris Peterson. Contact Chris Peterson to learn more about our qualifications, expertise and service offerings.