Appraisal Reviews by Columbus Appraisal Company, LLC
According to a statement by the Federal Reserve, "financial institutions must have effective, objective real estate appraisal and evaluation programs," and that appraisers performing reviews are obligated to "have the familiarity and skillfulness to evaluate compliance with the Federal Reserves appraisal regulations and guidelines." At Columbus Appraisal Company, LLC, we provide appraisal review services that are independent, qualified, professional and square with the Federal Reserve's regulations.
If you need a real estate appraisal review or have questions in reference to an appraisal, contact Columbus Appraisal Company, LLC today.
According to the Federal Reserve, appraisal reviews "have to find out whether the appraisal or evaluation is appropriate for the transaction, the liability of the transaction, and whether the processes by which the collateral valuation is collected guarantees independence and quality." They "must also denote whether the appraisal or evaluation report is true to the letter of engagement, which gives an account of the outlook of the appraisal assignment." The Federal Reserve also states that "some financial institutions add routine reviews with post-funding assessments of appraisal quality for some of their high-liability or large-value affairs as a control to assist in addressing valuation dilemmas."
In addition to adjusting 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 will 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 Columbus Appraisal Company, LLC, we're trained in all forms of appraisal reviews, review practices and the responsibilities of review appraisers.
We're aware of what the most frequent deficiencies are, especially in our real estate market, as well as what constitutes a quality appraisal. We're also trained enough to know that our competition 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 rely on us to justly valuate appraisal reports carried out by others. And those others could be examining our work, too!
In short, when you choose Columbus Appraisal Company, LLC, you can trust our honest judgment, because we offer professional, unbiased, ethical appraisal review services for our customers. Contact us regarding our qualifications, expertise and services offered.