Ring Residential Appraisals Appraisal Reviews
According to a statement by the Federal Reserve, "financial institutions are obligated to have effective, impartial real estate appraisal and evaluation procedures," and that appraisers doing reviews should "have the ability and skillfulness to determine compliance with the Federal Reserves appraisal rules and guidelines." Ring Residential Appraisals provides appraisal review services that are independent, expert, professional and in line with the Federal Reserve's regulations.
If you have questions about an appraisal, or if you're in the need of a real estate appraisal review, contact Ring Residential Appraisals today.
The Federal Reserve says appraisal reviews "should decide whether the appraisal or evaluation is appropriate for the transaction, the uncertainty of the transaction, and whether the manners by which the collateral valuation is acquired guarantees independence and quality." In addition, they "must signify whether the appraisal or evaluation report is consistent with the letter of engagement, which sets forth the capacity of the appraisal assignment." The Federal Reserve also states that "some banks augment routine reviews with post-funding surveys of appraisal quality for a number of their higher-risk or higher-value affairs as a control to assist in discovering valuation disputes."
In addition to adapting our work to the processes and guidelines of our review customers, there are four Fannie Mae forms that are widely 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. Here at Ring Residential Appraisals, we are trained in every type of appraisal review, review practice and the responsibilities of review appraisers.
We understand what amounts to a quality appraisal and what the most prevalent deficiencies are, particularly in our housing market. The professionals at Ring Residential Appraisals are also adequately experienced to respect that our competitors in our market are skillful in doing quality work. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can rely on Ring Residential Appraisals to justly study appraisal reports completed by others. And those others might be evaluating our work, too!
For professional, impartial, ethical appraisal review services and independent judgments, you can rely on Ring Residential Appraisals. Contact Ring Residential Appraisals to learn more about our qualifications, expertise and services offered.