Experienced Appraisal Reviews with Drach Appraisals
As said in an announcement by the Federal Reserve, "financial institutions must have effective, impartial 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 regulations and guidelines." At Drach Appraisals, we provide appraisal review services that are unbiased, qualified, professional and square with the Federal Reserve's rules.
If you're in the need of a real estate appraisal review or have questions regarding an appraisal, call us today.
According to the Federal Reserve, appraisal reviews "ought to decide whether the appraisal or evaluation is fitting for the transaction, the risk of the transaction, and whether the procedures by which the collateral valuation is acquired guarantees independence and quality." They "should also announce whether the appraisal or evaluation report is true to the letter of engagement, which sets forth the outlook of the appraisal assignment." The Federal Reserve also says that "some banks reinforce regular reviews with post-funding surveys of appraisal quality for some of their higher-risk or larger-value transactions as a control to help in detecting valuation concerns."
In addition to adapting our work to the forms and guidelines of our review customers, there are four Fannie Mae forms that are generally used for review services, and we'll formulate an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At Drach Appraisals, we are trained in all kinds of appraisal reviews, review procedures and the responsibilities of review appraisers.
We understand what represents a quality appraisal and what the greatest weaknesses are, especially in our housing market. We're also trained enough to recognize that our competition in our market are capable of doing a good job. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can count on us to ethically look over appraisal reports carried out by others. And those others may be examining our work, too!
For professional, objective, ethical appraisal review services and truthful judgments, you can rely on Drach Appraisals. Contact us to learn more about our qualifications, expertise and services offered.