Quality Appraisal Reviews with City Realty, IncAccording to a statement by the Federal Reserve (click here), "financial institutions must have an effective, independent real estate appraisal and evaluation program" and that it's the expectation of appraisers fulfilling reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Here at City Realty, Inc, we provide appraisal review services that are independent, efficient, professional and in accordance with the Federal Reserve's rules.
A review appraisal has to pursue: whether the original appraisal or evaluation is pertinent for the transaction, the risk inherit in the transaction, and whether the manner by which the collateral valuation is obtained ensures independence and quality. The review should also indicate whether the appraisal or evaluation report matches the engagement letter, which gives an account of the scope of the appraisal assignment. The Federal Reserve also notes 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 coordinating our work to the regulations and guidelines of our review clients, there are four Fannie Mae forms that are generally used for review services, and we'll 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 City Realty, Inc, we are experienced in every form of appraisal review, review process and the requirements of review appraisers.
We understand what constitutes a quality appraisal and what the biggest errors are, especially for reports in our local housing market. The professionals at City Realty, Inc are also adequately experienced to distinguish that our competition in our market are able to do quality work. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can rely on City Realty, Inc to ethically study appraisal reports carried out by others. And those others may be reviewing our work, too!
When you choose City Realty, Inc, you can count on our honest judgment, because we offer professional, objective, ethical appraisal review services for our clients. Contact City Realty, Inc regarding our qualifications, expertise and service offerings.