REID E. CHOATE & ASSOCIATES, LLC Appraisal Reviews
According to a statement by the Federal Reserve, "financial institutions are obligated to have effective, unbiased real estate appraisal and evaluation procedures," and that appraisers fulfilling reviews ought to "have the familiarity and expertise to evaluate compliance with the Federal Reserves appraisal regulations and guidelines." If you're looking for appraisal review services that are impartial, efficient, professional and square with the Federal Reserve's guidelines, just contact REID E. CHOATE & ASSOCIATES, LLC.
If you have questions regarding an appraisal, or if you need a real estate appraisal review, contact REID E. CHOATE & ASSOCIATES, LLC today.
Appraisal reviews "ought to determine whether the appraisal or evaluation is pertinent for the transaction, the risk of the transaction, and whether the manners by which the collateral valuation is accomplished guarantees independence and quality," according to the Federal Reserve. They "must also demonstrate whether the appraisal or evaluation report is true to the letter of engagement, which gives an account of the scope of the appraisal assignment." Lastly, the Federal Reserve states that "some financial institutions add regular reviews with post-funding evaluations of appraisal quality for a few of their higher-liability or high-value transactions as a control to assist in addressing valuation problems."
In addition to conforming our work to the forms and guidelines of our review clients, there are four Fannie Mae forms that are widely used for review services, and we will produce an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. Here at REID E. CHOATE & ASSOCIATES, LLC, we're trained in every form of appraisal review, review practice and the requirements of review appraisers.
We realize what the biggest defects are, especially in our real estate market. We also know what represents a quality appraisal. We're also sufficiently skilled to recognize 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 REID E. CHOATE & ASSOCIATES, LLC to fairly assess appraisal reports done by others. And those others may be evaluating our work, too!
In short, at REID E. CHOATE & ASSOCIATES, LLC, you can be sure of our neutral judgment, because we offer professional, impartial, ethical appraisal review services for our clients. Contact REID E. CHOATE & ASSOCIATES, LLC for more information about our qualifications, expertise and services offered.