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Complete Appraisal Reviews by Colorado Realty Reports
As said in a statement
by the Federal Reserve (click here), "financial institutions must have an effective, independent real estate appraisal and evaluation program" and that
it's the expectation of appraisers engaged in reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines."
Colorado Realty Reports provides appraisal review services that are impartial, expert, professional and in line with the Federal Reserve's guidelines.
The purpose of appraisal reviews are to pursue: whether the original appraisal or evaluation is well-suited for the transaction, the risk inherit in the transaction, and whether the procedure by which the real estate valuation is attained ensures independence and quality.
The review must also demonstrate whether the appraisal or evaluation report is consistent with the letter of engagement, which gives an account of the extent of the appraisal assignment.
Lastly, the Fed also notes 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".
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If you have questions about an appraisal, or if you need a real estate appraisal review, contact us today. |
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In addition to adjusting our work to the forms and guidelines of our review clients, there are four Fannie Mae forms that are mostly used for review services, and we will formulate 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 Colorado Realty Reports, we are experienced in all types of appraisal reviews, review practices and the responsibilities of review appraisers.
Colorado Realty Reports knows what the most likely report imperfections are, particularly in our home market, as well as what constitutes a quality appraisal.
At the same time, we are professional enough to acknowledge that the competitors in our market are capable of a good job.
The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can trust us to ethically examine appraisal reports performed by others. And those others might be studying our work, too!
In short, when you choose Colorado Realty Reports, you can trust our neutral judgment, because we offer professional, unbiased, ethical appraisal review services for our customers.
Contact Colorado Realty Reports for more information regarding our qualifications, expertise and service offerings.
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