Qualified Appraisal Reviews with Phoenix Valuations, LLC
As stated in an announcement by the Federal Reserve, "financial institutions are required to have an effective, objective real estate appraisal and evaluation plan," and that appraisers doing reviews are obligated to "have the knowledge and skillfulness to evaluate compliance with the Federal Reserves appraisal rules and guidelines." Here at Phoenix Valuations, LLC, we provide appraisal review services that are objective, efficient, professional and square with the Federal Reserve's rules.
If you're in the need of a real estate appraisal review or have questions regarding an appraisal, call us today.
Appraisal reviews "must decide whether the appraisal or evaluation is well-suited for the transaction, the risk of the transaction, and whether the manners by which the collateral valuation is attained ensures independence and quality," the Federal Reserve says. They "should also announce whether the appraisal or evaluation report is consistent with the engagement letter, which gives an account of the extent of the appraisal assignment." Lastly, the Federal Reserve notes that "some financial institutions supplement typical reviews with post-funding evaluations of appraisal quality for a few of their high-risk or larger-value dealings as a way to assist in detecting valuation issues."
In addition to conforming our work to the regulations and guidelines of our review customers, there are four Fannie Mae forms that are normally 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 qualified in every kind of appraisal review, review practice and the obligations of review appraisers.
We understand what makes a quality appraisal and what the most prevalent inadequacies are, particularly in our real estate market. In the same sense, the professionals at Phoenix Valuations, LLC are amply experienced to realize that the competition in our market are capable of quality work. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can trust us to fairly review appraisal reports executed by others. And those others could be evaluating our work, too!
At Phoenix Valuations, LLC, you can trust our neutral judgment, because we offer professional, unbiased, ethical appraisal review services for our customers. Contact Phoenix Valuations, LLC to learn more about our qualifications, expertise and service offerings.