Quality Appraisal Reviews by Columbus Appraisal Company, LLC
As said in an announcement by the Federal Reserve, "financial institutions are required to have an effective, independent real estate appraisal and evaluation plan," and that appraisers fulfilling reviews should "have the proficiency and skills to determine compliance with the Federal Reserves appraisal regulations and guidelines." Columbus Appraisal Company, LLC provides appraisal review services that are independent, expert, professional and compliant with the Federal Reserve's rules.
If you need a real estate appraisal review or have questions regarding an appraisal, contact us today.
As stated by the Federal Reserve, appraisal reviews "must verify whether the appraisal or evaluation is relevant for the transaction, the risk of the transaction, and whether the methods by which the collateral valuation is collected ensures independence and quality." They "must also denote whether the appraisal or evaluation report is consistent with the letter of engagement, which describes the outlook of the appraisal assignment." The Federal Reserve also says that "some financial institutions reinforce regular reviews with post-funding surveys of appraisal quality for some of their higher-risk or greater-value dealings as a control to aid in exposing valuation complications."
In addition to coordinating our work to the regulations and guidelines of our review customers, there are four Fannie Mae forms that are generally used for review services, and we can 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 Columbus Appraisal Company, LLC, we're trained in every type of appraisal review, review procedure and the obligations of review appraisers.
Columbus Appraisal Company, LLC is aware of what the most frequent deficiencies are, specifically in our housing market, as well as what represents a quality appraisal. The professionals at Columbus Appraisal Company, LLC are also adequately trained to recognize that the competitors in our market are able to do quality work. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can count on Columbus Appraisal Company, LLC to objectively evaluate appraisal reports completed by others. And those others might be evaluating our work, too!
At Columbus Appraisal Company, LLC, you can rely on our independent judgment, because we offer professional, impartial, ethical appraisal review services for our clients. Contact us for more information about our qualifications, expertise and service offerings.