Phoenix Valuations, LLC Appraisal Reviews
As said in a statement by the Federal Reserve, "financial institutions are required to have effective, objective real estate appraisal and evaluation procedures," and that appraisers doing reviews ought to "have the familiarity and expertise to assess compliance with the Federal Reserves appraisal rules and guidelines." If you need appraisal review services that are impartial, qualified, professional and in accordance with the Federal Reserve's guidelines, contact Phoenix Valuations, LLC.
If you need a real estate appraisal review or have questions about an appraisal, contact us today.
According to the Federal Reserve, appraisal reviews "should figure out whether the appraisal or evaluation is suitable for the transaction, the uncertainty of the transaction, and whether the procedures by which the collateral valuation is collected guarantees independence and quality." Moreover, they "must denote whether the appraisal or evaluation report is compatible with the letter of engagement, which sets forth the extent of the appraisal assignment." Lastly, the Federal Reserve says that "some institutions add regular reviews with post-funding evaluations of appraisal quality for a few of their high-liability or larger-value affairs as a channel to aid in discovering valuation issues."
In addition to adjusting our work to the regulations and guidelines of our review clients, there are four Fannie Mae forms that are mostly used for review services, and we can produce 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 Phoenix Valuations, LLC, we are skilled in all types of appraisal reviews, review practices and the obligations of review appraisers.
We're aware of what amounts to a quality appraisal and what the most common deficiencies are, especially in our real estate market. We're also adequately skilled to identify that the competitors in our market are capable of a great job. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can trust Phoenix Valuations, LLC to justly evaluate appraisal reports executed by others. And those others could be reviewing our work, too!
In short, when you choose Phoenix Valuations, LLC, you can trust our independent judgment, because we offer professional, fair, ethical appraisal review services for our customers. Contact us regarding our qualifications, expertise and services offered.