Appraisal Reviews by Cynthia Wood Real Estate Appraiser
As stated in an announcement by the Federal Reserve, "financial institutions are obligated to have an effective, independent real estate appraisal and evaluation plan," and that appraisers completing reviews ought to "have the ability and expertise to assess compliance with the Federal Reserves appraisal rules and guidelines." For appraisal review services that are objective, efficient, professional and in accordance with the Federal Reserve's guidelines, just contact Cynthia Wood Real Estate Appraiser.
If you're in the need of a real estate appraisal review or have questions regarding an appraisal, call us today.
According to the Federal Reserve, appraisal reviews "have to decide whether the appraisal or evaluation is relevant for the transaction, the risk of the transaction, and whether the actions by which the collateral valuation is collected ensures independence and quality." They "should also announce whether the appraisal or evaluation report is true to the letter of engagement, which sets forth the outlook of the appraisal assignment." The Federal Reserve also says that "some banks add routine reviews with post-funding evaluations of appraisal quality for some of their higher-liability or larger-value transactions as a channel to assist in uncovering valuation complications."
In addition to conforming our work to the practices and guidelines of our review customers, there are four Fannie Mae forms that are usually used for review services, and we can formulate an appraisal review on any one of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. Here at Cynthia Wood Real Estate Appraiser, we're skilled in every form of appraisal review, review process and the requirements of review appraisers.
We are familiar with what represents a quality appraisal and what the most common inadequacies are, specifically in our housing market. Concurrently, we are trained enough to recognize that our competitors in our market are capable of quality work. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can trust us to lawfully evaluate appraisal reports done by others. And those others may be evaluating our work, too!
In short, when you choose Cynthia Wood Real Estate Appraiser, you can rely on our truthful judgment, because we offer professional, objective, ethical appraisal review services for our customers. Contact us for more information regarding our qualifications, expertise and services offered.