According to a statement by the Federal Reserve, "financial institutions are obligated to have an effective, objective real estate appraisal and evaluation plan," and that appraisers doing reviews must "have the ability and skills to evaluate compliance with the Federal Reserves appraisal rules and guidelines." For appraisal review services that are objective, efficient, professional and square with the Federal Reserve's regulations, just contact Utah Estate and Trust Appraisals.
If you need a real estate appraisal review or have questions about an appraisal, contact Utah Estate and Trust Appraisals today.
The Federal Reserve says appraisal reviews "ought to conclude whether the appraisal or evaluation is applicable for the transaction, the uncertainty of the transaction, and whether the manner by which the collateral valuation is collected guarantees independence and quality." In addition, they "must show whether the appraisal or evaluation report is compatible with the engagement letter, which gives an account of the capacity of the appraisal assignment." The Federal Reserve also states that "some banks augment regular reviews with post-funding evaluations of appraisal quality for a number of their higher-risk or high-value affairs as a control to assist in exposing valuation complications."
In addition to conforming 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 will prepare 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 Utah Estate and Trust Appraisals, we are skilled in every form of appraisal review, review process and the responsibilities of review appraisers.
Utah Estate and Trust Appraisals realizes what the most prevalent imperfections are, particularly in our housing market, as well as what makes a quality appraisal. We're also skilled enough to identify that the competition 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 count on us to fairly study appraisal reports performed by others. And those others might be examining our work, too!
In short, when you choose Utah Estate and Trust Appraisals, you can trust our honest judgment, because we offer professional, unbiased, ethical appraisal review services for our customers. Contact us for more information regarding our qualifications, expertise and services offered.