Appraisal Reviews by Appraisal Metrics
According to a statement by the Federal Reserve, "financial institutions are obligated to have effective, impartial real estate appraisal and evaluation procedures," and that appraisers doing reviews must "have the familiarity and skillfulness to assess compliance with the Federal Reserves appraisal rules and guidelines." Here at Appraisal Metrics, we provide appraisal review services that are unbiased, efficient, professional and in line with the Federal Reserve's rules.
If you have questions regarding an appraisal, or if you need a real estate appraisal review, contact us today.
The Federal Reserve says appraisal reviews "should conclude whether the appraisal or evaluation is appropriate for the transaction, the uncertainty of the transaction, and whether the processes by which the collateral valuation is acquired ensures independence and quality." Moreover, they "must indicate whether the appraisal or evaluation report is compatible with the letter of engagement, which gives an account of the scope of the appraisal assignment." Lastly, the Federal Reserve notes that "some institutions supplement routine reviews with post-funding assessments of appraisal quality for a few of their high-risk or greater-value transactions as a way to assist in addressing valuation problems."
In addition to adjusting our work to the practices and guidelines of our review customers, there are four Fannie Mae forms that are largely 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 Appraisal Metrics, we're qualified in all types of appraisal reviews, review processes and the obligations of review appraisers.
We understand what represents a quality appraisal and what the most prevalent inadequacies are, particularly in our housing market. In the same sense, we are experienced enough to know that the competitors in our market are qualified to do good work. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can rely on Appraisal Metrics to lawfully examine appraisal reports executed by others. And those others could be reviewing our work, too!
In short, when you choose Appraisal Metrics, you can count on our honest judgment, because we offer professional, objective, ethical appraisal review services for our customers. Contact Appraisal Metrics for more information regarding our qualifications, expertise and service offerings.