Barrett & Company Appraisal Reviews
As said in a statement by the Federal Reserve, "financial institutions are obligated to have effective, unbiased real estate appraisal and evaluation procedures," and that appraisers completing reviews have to "have the ability and skillfulness to assess compliance with the Federal Reserves appraisal regulations and guidelines." If you're looking for appraisal review services that are independent, expert, professional and compliant with the Federal Reserve's regulations, just contact Barrett & Company.
If you have questions in reference to an appraisal, or if you need a real estate appraisal review, call us today.
Appraisal reviews "have to figure out whether the appraisal or evaluation is relevant for the transaction, the risk of the transaction, and whether the processes by which the collateral valuation is acquired guarantees independence and quality," as stated by the Federal Reserve. In addition, they "should signify whether the appraisal or evaluation report is true to the engagement letter, which sets forth the scope of the appraisal assignment." Last, The Federal Reserve notes that "some institutions supplement periodic reviews with post-funding evaluations of appraisal quality for a number of their high-liability or greater-value contracts as a means to assist in discovering valuation issues."
In addition to conforming our work to the practices and guidelines of our review customers, there are four Fannie Mae forms that are normally used for review services, and we'll prepare an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At Barrett & Company, we're trained in all types of appraisal reviews, review practices and the requirements of review appraisers.
We are familiar with what the greatest defects are, particularly in our home market, as well as what amounts to a quality appraisal. In this regard, we're professional enough to identify that the competitors in our market are able to do a fine job. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can trust Barrett & Company to lawfully look over appraisal reports done by others. And those others could be evaluating our work, too!
In short, when you choose Barrett & Company, you can count on our neutral judgment, because we offer professional, fair, ethical appraisal review services for our clients. Contact us for more information about our qualifications, expertise and services offered.