Qualified Appraisal Reviews by B & J APPRAISALS, INC.
As said in a statement by the Federal Reserve, "financial institutions must have an effective, impartial real estate appraisal and evaluation program," and that appraisers doing reviews have to "have the knowledge and expertise to determine compliance with the Federal Reserves appraisal rules and guidelines." B & J APPRAISALS, INC. provides appraisal review services that are impartial, expert, professional and compliant with the Federal Reserve's regulations.
If you're in the need of a real estate appraisal review or have questions in reference to an appraisal, call us today.
As stated by the Federal Reserve, appraisal reviews "should verify whether the appraisal or evaluation is relevant for the transaction, the danger of the transaction, and whether the manners by which the collateral valuation is acquired guarantees independence and quality." They "must also show whether the appraisal or evaluation report is compatible with the engagement letter, which describes the outlook of the appraisal assignment." Lastly, the Federal Reserve states that "some banks augment periodic reviews with post-funding evaluations of appraisal quality for a number of their higher-risk or larger-value transactions as a way to assist in detecting valuation issues."
In addition to tailoring our work to the processes and guidelines of our review customers, there are four Fannie Mae forms that are primarily 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 B & J APPRAISALS, INC., we are trained in every form of appraisal review, review procedure and the obligations of review appraisers.
B & J APPRAISALS, INC. understands what constitutes a quality appraisal and what the most frequent deficiencies are, specifically in our real estate market. The professionals at B & J APPRAISALS, INC. are also experienced enough to distinguish that the competitors in our market are capable of doing a great job. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can trust B & J APPRAISALS, INC. to fairly valuate appraisal reports executed by others. And those others might be evaluating our work, too!
At B & J APPRAISALS, INC., you can count on our honest judgment, because we offer professional, unbiased, ethical appraisal review services for our clients. Contact us for more information about our qualifications, expertise and services offered.