Quality Appraisal Reviews by Phoenix Valuations, LLC
As said in a statement by the Federal Reserve, "financial institutions are obligated to have an effective, objective real estate appraisal and evaluation program," and that appraisers completing reviews have to "have the ability and skills to determine compliance with the Federal Reserves appraisal rules and guidelines." At Phoenix Valuations, LLC, we provide appraisal review services that are objective, expert, professional and in accordance with the Federal Reserve's guidelines.
If you have questions in reference to an appraisal, or if you need a real estate appraisal review, contact us today.
Appraisal reviews "must find out whether the appraisal or evaluation is suitable for the transaction, the liability of the transaction, and whether the methods by which the collateral valuation is obtained ensures independence and quality," according to the Federal Reserve. They "must also announce whether the appraisal or evaluation report matches the letter of engagement, which gives an account of the scope of the appraisal assignment." Lastly, the Federal Reserve says that "some banks add routine reviews with post-funding assessments of appraisal quality for some of their high-risk or higher-value contracts as a means to aid in addressing valuation complications."
In addition to coordinating our work to the forms 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 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 types of appraisal reviews, review processes and the responsibilities of review appraisers.
We realize what the biggest inadequacies are, especially in our home market. We also understand what makes a quality appraisal. In the same sense, the professionals at Phoenix Valuations, LLC are amply trained to distinguish that the competition in our market are qualified to do a great job. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can rely on us to ethically study appraisal reports executed by others. And those others could be examining our work, too!
At Phoenix Valuations, LLC, you can be sure of our neutral judgment, because we offer professional, objective, ethical appraisal review services for our clients. Contact us to learn more about our qualifications, expertise and service offerings.