Experienced Appraisal Reviews by Greater Houston Area Appraisals
According to an announcement by the Federal Reserve, "financial institutions must have effective, objective real estate appraisal and evaluation procedures," and that appraisers doing reviews ought to "have the ability and skillfulness to determine compliance with the Federal Reserves appraisal rules and guidelines." Greater Houston Area Appraisals provides appraisal review services that are impartial, qualified, professional and square with the Federal Reserve's rules.
If you need a real estate appraisal review or have questions about an appraisal, contact Greater Houston Area Appraisals today.
As stated by the Federal Reserve, appraisal reviews "have to figure out whether the appraisal or evaluation is relevant for the transaction, the risk of the transaction, and whether the means by which the collateral valuation is obtained guarantees independence and quality." In addition, they "should indicate whether the appraisal or evaluation report is even with the letter of engagement, which gives an account of the capacity of the appraisal assignment." Lastly, the Federal Reserve notes that "some institutions augment routine reviews with post-funding surveys of appraisal quality for a number of their high-risk or large-value contracts as a way to help in addressing valuation concerns."
In addition to adjusting our work to the procedures and guidelines of our review clients, there are four Fannie Mae forms that are typically used for review services, and we can prepare an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At Greater Houston Area Appraisals, we are experienced in every type of appraisal review, review practice and the responsibilities of review appraisers.
We know what the most common inadequacies are, especially in our housing market. We also understand what amounts to a quality appraisal. At the same time, we're sufficiently trained to recognize that our competition in our market are able to do a good job. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can rely on us to ethically study appraisal reports executed by others. And those others could be examining our work, too!
You can count on Greater Houston Area Appraisals for our independent judgment, because we offer professional, unbiased, ethical appraisal review services for our customers. Contact Greater Houston Area Appraisals for more information regarding our qualifications, expertise and service offerings.