As said in a statement by the Federal Reserve, "financial institutions are required to have an effective, independent real estate appraisal and evaluation program," and that appraisers performing reviews should "have the proficiency and skills to determine compliance with the Federal Reserves appraisal rules and guidelines." Compass Appraisals provides appraisal review services that are independent, efficient, professional and compliant 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, contact Compass Appraisals today.
Appraisal reviews "ought to verify whether the appraisal or evaluation is appropriate for the transaction, the danger of the transaction, and whether the method by which the collateral valuation is collected ensures independence and quality," according to the Federal Reserve. They "must also announce whether the appraisal or evaluation report is consistent with the letter of engagement, which sets forth the range of the appraisal assignment." Last, The Federal Reserve says that "some financial institutions augment routine reviews with post-funding assessments of appraisal quality for a few of their higher-liability or greater-value affairs as a control to aid in identifying valuation complications."
In addition to tailoring our work to the regulations and guidelines of our review clients, there are four Fannie Mae forms that are primarily 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 Compass Appraisals, we are qualified in all forms of appraisal reviews, review procedures and the obligations of review appraisers.
We know what the biggest inadequacies are, particularly in our home market, as well as what represents a quality appraisal. The professionals at Compass Appraisals are also trained enough to admit that our competitors in our market are able to do a fine job. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can rely on Compass Appraisals to lawfully look over appraisal reports done by others. And those others might be reviewing our work, too!
At Compass Appraisals, you can be sure of our honest judgment, because we offer professional, objective, ethical appraisal review services for our customers. Contact us regarding our qualifications, expertise and service offerings.