Expert Appraisal Reviews with R.M. Rose
According to a statement by the Federal Reserve, "financial institutions are obligated to have an effective, independent real estate appraisal and evaluation program," and that appraisers performing reviews have to "have the ability and expertise to determine compliance with the Federal Reserves appraisal regulations and guidelines." R.M. Rose provides appraisal review services that are unbiased, efficient, professional and in line with the Federal Reserve's guidelines.
If you're in the need of a real estate appraisal review or have questions regarding an appraisal, contact us today.
Appraisal reviews "should verify whether the appraisal or evaluation is suitable for the transaction, the liability of the transaction, and whether the procedures by which the collateral valuation is obtained ensures independence and quality," as stated by the Federal Reserve. In addition, they "should demonstrate whether the appraisal or evaluation report is consistent with the letter of engagement, which sets forth the capacity of the appraisal assignment." Lastly, the Federal Reserve notes that "some financial institutions supplement typical reviews with post-funding evaluations of appraisal quality for any of their higher-liability or higher-value contracts as a means to aid in exposing valuation problems."
In addition to adjusting our work to the practices and guidelines of our review clients, there are four Fannie Mae forms that are mostly used for review services, and we can develop 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 R.M. Rose, we are qualified in all types of appraisal reviews, review processes and the obligations of review appraisers.
We're aware of what represents a quality appraisal and what the biggest inadequacies are, especially in our housing market. In the same regard, we're experienced enough to identify that the competitors in our market are able to do good work. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can trust R.M. Rose to fairly valuate appraisal reports done by others. And those others might be reviewing our work, too!
For professional, unbiased, ethical appraisal review services and independent judgments, you can count on R.M. Rose. Contact R.M. Rose for more information about our qualifications, expertise and services offered.