Appraisal Reviews by Mike Noble Appraisals
According to an announcement by the Federal Reserve, "financial institutions must have effective, impartial real estate appraisal and evaluation procedures," and that appraisers completing reviews ought to "have the proficiency and skillfulness to assess compliance with the Federal Reserves appraisal regulations and guidelines." If you need appraisal review services that are impartial, efficient, professional and compliant with the Federal Reserve's rules, just contact Mike Noble Appraisals.
If you have questions in reference to an appraisal, or if you need a real estate appraisal review, contact us today.
Appraisal reviews "must conclude whether the appraisal or evaluation is appropriate for the transaction, the liability of the transaction, and whether the processes by which the collateral valuation is obtained guarantees independence and quality," as stated by the Federal Reserve. They "should also demonstrate whether the appraisal or evaluation report is even with the engagement letter, which gives an account of the extent of the appraisal assignment." Lastly, the Federal Reserve says that "some institutions supplement regular reviews with post-funding evaluations of appraisal quality for any of their high-liability or greater-value transactions as a method to aid in revealing valuation complications."
In addition to adjusting our work to the practices and guidelines of our review clients, there are four Fannie Mae forms that are usually used for review services, and we will formulate an appraisal review on any one of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At Mike Noble Appraisals, we are skilled in all forms of appraisal reviews, review practices and the responsibilities of review appraisers.
We're aware of what the greatest defects are, particularly in our real estate market. We also know what constitutes a quality appraisal. In the same sense, we are adequately trained to distinguish that the competition in our market are able to do a good job. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can count on us to objectively look over appraisal reports completed by others. And those others might be reviewing our work, too!
You can rely on Mike Noble Appraisals for our neutral judgment, because we offer professional, unbiased, ethical appraisal review services for our customers. Contact us for more information regarding our qualifications, expertise and services offered.