Appraisal Reviews by ACP Valuations
As said in a statement by the Federal Reserve, "financial institutions are required to have effective, independent real estate appraisal and evaluation procedures," and that appraisers doing reviews must "have the ability and skills to evaluate compliance with the Federal Reserves appraisal rules and guidelines." If you need appraisal review services that are unbiased, qualified, professional and in accordance with the Federal Reserve's guidelines, contact ACP Valuations.
If you need a real estate appraisal review or have questions in reference to an appraisal, call ACP Valuations today.
Appraisal reviews "ought to determine whether the appraisal or evaluation is suitable for the transaction, the risk of the transaction, and whether the procedures by which the collateral valuation is acquired guarantees independence and quality," as stated by the Federal Reserve. Moreover, they "must denote whether the appraisal or evaluation report is consistent with the letter of engagement, which gives an account of the capacity of the appraisal assignment." Last, The Federal Reserve says that "some banks augment regular reviews with post-funding surveys of appraisal quality for any of their higher-risk or large-value contracts as a method to assist in detecting valuation dilemmas."
In addition to tailoring our work to the procedures and guidelines of our review clients, there are four Fannie Mae forms that are usually used for review services, and we'll 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. Here at ACP Valuations, we are experienced in all kinds of appraisal reviews, review processes and the obligations of review appraisers.
ACP Valuations understands what represents a quality appraisal and what the most common weaknesses are, specifically in our home market. The professionals at ACP Valuations are also experienced enough to acknowledge that our competition in our market are qualified to do quality work. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can rely on us to justly examine appraisal reports performed by others. And those others could be reviewing our work, too!
At ACP Valuations, you can be sure of our truthful judgment, because we offer professional, fair, ethical appraisal review services for our customers. Contact us for more information regarding our qualifications, expertise and service offerings.