Expert Appraisal Reviews with Phoenix Valuations, LLC
As said in an announcement by the Federal Reserve, "financial institutions are required to have effective, objective real estate appraisal and evaluation procedures," and that appraisers performing reviews should "have the familiarity and skillfulness to determine compliance with the Federal Reserves appraisal rules and guidelines." If you're looking for appraisal review services that are objective, qualified, professional and in accordance with the Federal Reserve's rules, contact Phoenix Valuations, LLC.
If you have questions regarding an appraisal, or if you need a real estate appraisal review, contact Phoenix Valuations, LLC today.
Appraisal reviews "must determine whether the appraisal or evaluation is appropriate for the transaction, the danger of the transaction, and whether the procedures by which the collateral valuation is obtained ensures independence and quality," as stated by the Federal Reserve. In addition, they "must indicate whether the appraisal or evaluation report is consistent with the letter of engagement, which describes the scope of the appraisal assignment." Lastly, the Federal Reserve notes that "some institutions add periodic reviews with post-funding evaluations of appraisal quality for a few of their high-risk or larger-value dealings as a channel 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 primarily used for review services, and we will develop 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 are experienced in every type of appraisal review, review practice and the responsibilities of review appraisers.
We are familiar with what makes a quality appraisal and what the biggest inadequacies are, especially in our home market. At the same time, we're adequately skilled to admit that the competition in our market are able to do a good job. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can trust Phoenix Valuations, LLC to justly assess appraisal reports executed by others. And those others could be studying our work, too!
For professional, unbiased, ethical appraisal review services and truthful judgments, you can count on Phoenix Valuations, LLC. Contact us to learn more about our qualifications, expertise and services offered.