Appraisal Reviews by 1st Choice Valuation Services (207) 240-0991As stated in an announcement by the Federal Reserve (click here), "financial institutions must have an effective, independent real estate appraisal and evaluation program" and that it's the duty of appraisers preparing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." 1st Choice Valuation Services (207) 240-0991 provides appraisal review services that are independent, efficient, professional and in line with the Federal Reserve's regulations.
The purpose of appraisal reviews are to reveal: whether the original appraisal or evaluation is appropriate for the transaction, the exposure inherit in the transaction, and whether the practices by which the real estate valuation is attained ensures independence and quality. The review must also show whether the appraisal or evaluation report is true to the engagement letter, which sets forth the extent of the appraisal assignment. Lastly, the Federal Reserve also says that "some banks supplement routine reviews with post-funding evaluations of appraisal quality for some of their higher-risk or greater-value transactions as a control to assist in detecting valuation problems".
In addition to conforming our work to the practices and guidelines of our review customers, there are four Fannie Mae forms that are normally used for review services, and we will produce an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At 1st Choice Valuation Services (207) 240-0991, we're qualified in every type of appraisal review, review procedure and the requirements of review appraisers.
We know what amounts to a quality appraisal and what the greatest inadequacies are, particularly when it comes to our local housing market. Concurrently, we're experienced enough to recognize that the competitors in our market are capable of a great job. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can trust 1st Choice Valuation Services (207) 240-0991 to lawfully evaluate appraisal reports carried out by others. And those others might be studying our work, too!
You can depend on 1st Choice Valuation Services (207) 240-0991 for our independent judgment, because we offer professional, fair, ethical appraisal review services for our customers. Contact us to learn more about our qualifications, expertise and service offerings.