406 Valuation, LLC - Appraisal Reviews
As said in a statement by the Federal Reserve, "financial institutions must have effective, objective real estate appraisal and evaluation procedures," and that appraisers fulfilling reviews ought to "have the proficiency and skillfulness to determine compliance with the Federal Reserves appraisal rules and guidelines." Here at 406 Valuation, LLC, we provide appraisal review services that are independent, efficient, professional and in accordance with the Federal Reserve's regulations.
If you have questions in reference to an appraisal, or if you need a real estate appraisal review, email us today.
According to the Federal Reserve, appraisal reviews "should verify whether the appraisal or evaluation is fitting for the transaction, the danger of the transaction, and whether the manner by which the collateral valuation is accomplished ensures independence and quality." In addition, they "should show whether the appraisal or evaluation report is consistent with the letter of engagement, which sets forth the outlook of the appraisal assignment." Last, The Federal Reserve notes that "some institutions reinforce routine reviews with post-funding surveys of appraisal quality for a number of their higher-liability or larger-value dealings as a method to aid in addressing valuation issues."
In addition to tailoring our work to the regulations and guidelines of our review clients, there are four Fannie Mae forms that are primarily used for review services, and we'll produce 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 406 Valuation, LLC, we are experienced in every kind of appraisal review, review procedure, and the responsibilities of review appraisers.
We are aware of what amounts to a quality appraisal and what the greatest weaknesses are, specifically in our home market areas. Concurrently, we are sufficiently trained to admit that the competition in our market areas are qualified to do quality work. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can rely on us to justly assess appraisal reports performed by others. And those others might be examining our work, too!
You can depend on 406 Valuation, LLC for our neutral judgment, because we offer professional, objective, ethical appraisal review services for our clients. Contact 406 Valuation, LLC for more information about our service areas, qualifications, expertise, and services offered.