Phoenix Valuations, LLC Appraisal Reviews
As said in a statement by the Federal Reserve, "financial institutions must have an effective, unbiased real estate appraisal and evaluation program," and that appraisers fulfilling reviews should "have the ability and expertise to determine compliance with the Federal Reserves appraisal regulations and guidelines." For appraisal review services that are objective, efficient, professional and compliant with the Federal Reserve's guidelines, contact Phoenix Valuations, LLC.
If you're in the need of a real estate appraisal review or have questions about an appraisal, contact us today.
Appraisal reviews "have to verify whether the appraisal or evaluation is fitting for the transaction, the risk of the transaction, and whether the actions by which the collateral valuation is accomplished guarantees independence and quality," according to the Federal Reserve. They "must also indicate whether the appraisal or evaluation report matches the engagement letter, which sets forth the extent of the appraisal assignment." Lastly, the Federal Reserve notes that "some financial institutions add periodic reviews with post-funding evaluations of appraisal quality for a number of their high-risk or large-value dealings as a means to assist in exposing valuation complications."
In addition to adapting our work to the practices and guidelines of our review customers, there are four Fannie Mae forms that are mostly used for review services, and we can prepare 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 Phoenix Valuations, LLC, we're trained in all kinds of appraisal reviews, review procedures and the requirements of review appraisers.
We understand what represents a quality appraisal and what the most frequent weaknesses are, especially in our real estate market. In the same sense, we are trained enough to admit that our competition in our market are skillful in doing quality work. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can count on us to justly examine appraisal reports executed by others. And those others may be studying our work, too!
You can count on Phoenix Valuations, LLC for our independent judgment, because we offer professional, objective, ethical appraisal review services for our clients. Contact Phoenix Valuations, LLC for more information about our qualifications, expertise and services offered.