Qualified Appraisal Reviews by Barnes Appraisal Company
According to an announcement by the Federal Reserve, "financial institutions are required to have effective, impartial real estate appraisal and evaluation procedures," and that appraisers doing reviews ought to "have the proficiency and skills to determine compliance with the Federal Reserves appraisal rules and guidelines." Barnes Appraisal Company provides appraisal review services that are independent, expert, professional and in line with the Federal Reserve's guidelines.
If you have questions in reference to an appraisal, or if you're in the need of a real estate appraisal review, contact Barnes Appraisal Company today.
Appraisal reviews "should determine whether the appraisal or evaluation is applicable for the transaction, the uncertainty of the transaction, and whether the procedures by which the collateral valuation is attained ensures independence and quality," according to the Federal Reserve. In addition, they "should signify whether the appraisal or evaluation report matches the engagement letter, which gives an account of the outlook of the appraisal assignment." Last, The Federal Reserve notes that "some financial institutions augment routine reviews with post-funding surveys of appraisal quality for a few of their higher-liability or larger-value affairs as a control to assist in exposing valuation problems."
In addition to coordinating our work to the procedures and guidelines of our review customers, there are four Fannie Mae forms that are mostly used for review services, and we'll develop an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At Barnes Appraisal Company, we are trained in every form of appraisal review, review procedure and the obligations of review appraisers.
Barnes Appraisal Company knows what the most prevalent defects are, especially in our housing market, as well as what constitutes a quality appraisal. The professionals at Barnes Appraisal Company are also skilled enough to identify that the competitors in our market are capable of doing a good job. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can rely on us to lawfully examine appraisal reports carried out by others. And those others may be examining our work, too!
For professional, impartial, ethical appraisal review services and neutral judgments, you can rely on Barnes Appraisal Company. Contact us for more information regarding our qualifications, expertise and service offerings.