Appraisal Reviews by JP TEXAS APPRAISAL
According to a statement by the Federal Reserve, "financial institutions are obligated to have effective, independent real estate appraisal and evaluation plans," and that appraisers completing reviews must "have the familiarity and skillfulness to evaluate compliance with the Federal Reserves appraisal rules and guidelines." If you're looking for appraisal review services that are independent, expert, professional and in line with the Federal Reserve's rules, look no further than JP TEXAS APPRAISAL.
If you have questions in reference to an appraisal, or if you need a real estate appraisal review, call us today.
The Federal Reserve says appraisal reviews "should conclude whether the appraisal or evaluation is pertinent for the transaction, the uncertainty of the transaction, and whether the means by which the collateral valuation is attained guarantees independence and quality." They "must also announce whether the appraisal or evaluation report is compatible with the letter of engagement, which describes the range of the appraisal assignment." Last, The Federal Reserve says that "some financial institutions reinforce periodic reviews with post-funding surveys of appraisal quality for a few of their high-risk or large-value contracts as a means to aid in identifying valuation issues."
In addition to coordinating our work to the procedures and guidelines of our review clients, there are four Fannie Mae forms that are usually used for review services, and we can 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 JP TEXAS APPRAISAL, we're experienced in every kind of appraisal review, review practice and the requirements of review appraisers.
JP TEXAS APPRAISAL understands what constitutes a quality appraisal and what the biggest imperfections are, especially in our housing market. The professionals at JP TEXAS APPRAISAL are also amply experienced to admit that the competition in our market are able to do quality work. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can count on JP TEXAS APPRAISAL to ethically examine appraisal reports carried out by others. And those others might be studying our work, too!
In short, at JP TEXAS APPRAISAL, you can be sure of our independent judgment, because we offer professional, fair, ethical appraisal review services for our customers. Contact us for more information regarding our qualifications, expertise and service offerings.