Appraisal Reviews with Phoenix Valuations, LLC
As said in an announcement by the Federal Reserve, "financial institutions are required to have effective, independent real estate appraisal and evaluation plans," and that appraisers doing reviews must "have the proficiency and skillfulness to evaluate compliance with the Federal Reserves appraisal regulations and guidelines." Here at Phoenix Valuations, LLC, we provide appraisal review services that are unbiased, expert, professional and compliant with the Federal Reserve's regulations.
If you have questions regarding an appraisal, or if you need a real estate appraisal review, contact Phoenix Valuations, LLC today.
According to the Federal Reserve, appraisal reviews "ought to find out whether the appraisal or evaluation is fitting for the transaction, the liability of the transaction, and whether the procedure by which the collateral valuation is accomplished ensures independence and quality." They "should also signify whether the appraisal or evaluation report matches the engagement letter, which gives an account of the capacity of the appraisal assignment." Last, The Federal Reserve says that "some banks augment routine reviews with post-funding evaluations of appraisal quality for any of their high-liability or greater-value dealings as a way to help in discovering valuation concerns."
In addition to conforming our work to the processes and guidelines of our review customers, 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 Phoenix Valuations, LLC, we're qualified in all forms of appraisal reviews, review procedures and the obligations of review appraisers.
We know what the most common weaknesses are, especially in our real estate market, as well as what represents a quality appraisal. In this regard, we are sufficiently trained to admit that our competitors in our market are qualified to do good work. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can count on us to fairly valuate appraisal reports completed by others. And those others could be evaluating our work, too!
Here at Phoenix Valuations, LLC, you can be sure of our truthful judgment, because we offer professional, objective, ethical appraisal review services for our customers. Contact us regarding our qualifications, expertise and services offered.