Expert Appraisal Reviews with Jakway Appraisals
As said in an announcement by the Federal Reserve, "financial institutions are obligated to have an effective, objective real estate appraisal and evaluation plan," and that appraisers performing reviews must "have the knowledge and skillfulness to determine compliance with the Federal Reserves appraisal rules and guidelines." At Jakway Appraisals, we provide appraisal review services that are independent, efficient, professional and in accordance with the Federal Reserve's rules.
If you need a real estate appraisal review or have questions regarding an appraisal, call us today.
The Federal Reserve says appraisal reviews "must decide whether the appraisal or evaluation is suitable for the transaction, the liability of the transaction, and whether the manners by which the collateral valuation is accomplished ensures independence and quality." They "must also indicate whether the appraisal or evaluation report is compatible with the engagement letter, which gives an account of the outlook of the appraisal assignment." Lastly, the Federal Reserve says that "some banks supplement regular reviews with post-funding surveys of appraisal quality for a few of their higher-risk or higher-value contracts as a way to assist in identifying valuation complications."
In addition to conforming our work to the practices 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 Jakway Appraisals, we are skilled in every form of appraisal review, review process and the responsibilities of review appraisers.
We are familiar with what the greatest inadequacies are, specifically in our real estate market, as well as what constitutes a quality appraisal. The professionals at Jakway Appraisals are also trained enough to distinguish that our competition in our market are able to do quality work. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can trust us to objectively valuate appraisal reports executed by others. And those others might be reviewing our work, too!
For professional, objective, ethical appraisal review services and independent judgments, you can depend on Jakway Appraisals. Contact Jakway Appraisals for more information about our qualifications, expertise and service offerings.