Appraisal Reviews with Phoenix Valuations, LLC
As said in a statement by the Federal Reserve, "financial institutions must have an effective, objective real estate appraisal and evaluation program," and that appraisers doing reviews are obligated to "have the ability and expertise to assess compliance with the Federal Reserves appraisal regulations and guidelines." Here at Phoenix Valuations, LLC, we provide appraisal review services that are unbiased, qualified, professional and square with the Federal Reserve's guidelines.
If you're in the need of a real estate appraisal review or have questions regarding an appraisal, contact Phoenix Valuations, LLC today.
As stated by the Federal Reserve, appraisal reviews "ought to verify whether the appraisal or evaluation is pertinent for the transaction, the risk of the transaction, and whether the methods by which the collateral valuation is accomplished guarantees independence and quality." In addition, they "must demonstrate whether the appraisal or evaluation report is true to the letter of engagement, which describes the scope of the appraisal assignment." Lastly, the Federal Reserve says that "some institutions augment regular reviews with post-funding assessments of appraisal quality for any of their high-liability or large-value contracts as a control to aid in revealing valuation issues."
In addition to tailoring our work to the regulations and guidelines of our review customers, there are four Fannie Mae forms that are typically used for review services, and we'll 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 skilled in every type of appraisal review, review process and the obligations of review appraisers.
We understand what the most common imperfections are, especially in our real estate market, as well as what amounts to a quality appraisal. In the same sense, we're professional enough to distinguish that the competitors in our market are capable of a fine job. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can rely on us to ethically study appraisal reports carried out by others. And those others might be reviewing our work, too!
You can count on Phoenix Valuations, LLC for our honest judgment, because we offer professional, fair, ethical appraisal review services for our customers. Contact Phoenix Valuations, LLC for more information regarding our qualifications, expertise and services offered.