Appraisal Reviews by Michelle Clyde Appraisals
According to a statement by the Federal Reserve, "financial institutions must have effective, independent real estate appraisal and evaluation plans," and that appraisers doing reviews should "have the familiarity and skills to determine compliance with the Federal Reserves appraisal rules and guidelines." Michelle Clyde Appraisals provides appraisal review services that are unbiased, qualified, professional and in line with the Federal Reserve's guidelines.
If you have questions about an appraisal, or if you're in the need of a real estate appraisal review, call Michelle Clyde Appraisals today.
As stated by the Federal Reserve, appraisal reviews "should conclude whether the appraisal or evaluation is applicable for the transaction, the risk of the transaction, and whether the procedure by which the collateral valuation is collected ensures independence and quality." Moreover, they "must indicate whether the appraisal or evaluation report is compatible with the engagement letter, which sets forth the extent of the appraisal assignment." Lastly, the Federal Reserve states that "some banks add regular reviews with post-funding evaluations of appraisal quality for some of their higher-risk or high-value transactions as a channel to aid in exposing valuation problems."
In addition to tailoring our work to the practices and guidelines of our review clients, there are four Fannie Mae forms that are largely used for review services, and we'll 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 Michelle Clyde Appraisals, we're trained in all kinds of appraisal reviews, review procedures and the requirements of review appraisers.
We know what constitutes a quality appraisal and what the most frequent imperfections are, especially in our housing market. The professionals at Michelle Clyde Appraisals are also sufficiently trained to acknowledge that the competition in our market are qualified to do a fine job. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can trust Michelle Clyde Appraisals to objectively valuate appraisal reports executed by others. And those others could be reviewing our work, too!
You can rely on Michelle Clyde Appraisals for our independent judgment, because we offer professional, unbiased, ethical appraisal review services for our clients. Contact us for more information regarding our qualifications, expertise and service offerings.