As said in an announcement by the Federal Reserve, "financial institutions are required to have effective, unbiased real estate appraisal and evaluation programs," and that appraisers completing reviews should "have the knowledge and skills to determine compliance with the Federal Reserves appraisal rules and guidelines." If you're looking for appraisal review services that are independent, efficient, professional and in accordance with the Federal Reserve's rules, contact Biggs Appraisal Services.
If you have questions about an appraisal, or if you need a real estate appraisal review, call Biggs Appraisal Services today.
Appraisal reviews "ought to determine whether the appraisal or evaluation is applicable for the transaction, the danger of the transaction, and whether the manner by which the collateral valuation is attained guarantees independence and quality," as stated by the Federal Reserve. Moreover, they "should denote whether the appraisal or evaluation report is consistent with the engagement letter, which gives an account of the outlook of the appraisal assignment." Lastly, the Federal Reserve says that "some banks augment routine reviews with post-funding surveys of appraisal quality for some of their high-liability or large-value transactions as a way to aid in identifying valuation issues."
In addition to conforming our work to the forms and guidelines of our review customers, there are four Fannie Mae forms that are primarily used for review services, and we'll 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. At Biggs Appraisal Services, we are skilled in every kind of appraisal review, review practice and the obligations of review appraisers.
We understand what the greatest deficiencies are, particularly in our housing market, as well as what makes a quality appraisal. We're also adequately trained to respect that our competition in our market are capable of doing good work. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can trust Biggs Appraisal Services to lawfully examine appraisal reports done by others. And those others might be examining our work, too!
In short, at Biggs Appraisal Services, you can count on 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.