Appraisal Reviews by Phoenix Valuations, LLC
As stated in an announcement by the Federal Reserve, "financial institutions must have an effective, objective real estate appraisal and evaluation program," and that appraisers performing reviews are obligated to "have the familiarity and skills to evaluate compliance with the Federal Reserves appraisal regulations and guidelines." At Phoenix Valuations, LLC, we provide appraisal review services that are objective, expert, professional and compliant with the Federal Reserve's rules.
If you have questions about an appraisal, or if you're in the need of a real estate appraisal review, call Phoenix Valuations, LLC today.
The Federal Reserve says appraisal reviews "have to figure out whether the appraisal or evaluation is pertinent for the transaction, the uncertainty of the transaction, and whether the procedures by which the collateral valuation is acquired ensures independence and quality." They "must also indicate whether the appraisal or evaluation report is compatible with the letter of engagement, which gives an account of the range of the appraisal assignment." The Federal Reserve also states that "some institutions supplement typical reviews with post-funding evaluations of appraisal quality for a few of their higher-risk or higher-value dealings as a way to help in detecting valuation complications."
In addition to tailoring our work to the practices and guidelines of our review customers, there are four Fannie Mae forms that are typically 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're experienced in all forms of appraisal reviews, review procedures and the responsibilities of review appraisers.
We realize what the greatest defects are, specifically in our housing market, as well as what makes a quality appraisal. We're also experienced enough to distinguish that our competitors in our market are able to do a great job. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can trust Phoenix Valuations, LLC to lawfully examine appraisal reports carried out by others. And those others may be evaluating our work, too!
For professional, unbiased, ethical appraisal review services and independent judgments, you can depend on Phoenix Valuations, LLC. Contact Phoenix Valuations, LLC for more information regarding our qualifications, expertise and services offered.