Appraisal Reviews with REID E. CHOATE & ASSOCIATES, LLC
According to a statement by the Federal Reserve, "financial institutions are required to have effective, independent real estate appraisal and evaluation procedures," and that appraisers fulfilling reviews are obligated to "have the ability and expertise to assess compliance with the Federal Reserves appraisal rules and guidelines." REID E. CHOATE & ASSOCIATES, LLC provides appraisal review services that are unbiased, efficient, professional and in accordance with the Federal Reserve's guidelines.
If you need a real estate appraisal review or have questions in reference to an appraisal, call REID E. CHOATE & ASSOCIATES, LLC today.
Appraisal reviews "should verify whether the appraisal or evaluation is pertinent for the transaction, the liability of the transaction, and whether the practices by which the collateral valuation is collected ensures independence and quality," as stated by the Federal Reserve. Moreover, they "must indicate whether the appraisal or evaluation report matches the letter of engagement, which sets forth the range of the appraisal assignment." Lastly, the Federal Reserve states that "some institutions add typical reviews with post-funding surveys of appraisal quality for any of their higher-liability or high-value dealings as a means to aid in uncovering valuation disputes."
In addition to coordinating our work to the forms and guidelines of our review customers, there are four Fannie Mae forms that are mostly used for review services, and we'll 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 are trained in all types of appraisal reviews, review processes and the obligations of review appraisers.
REID E. CHOATE & ASSOCIATES, LLC knows what amounts to a quality appraisal and what the most prevalent deficiencies are, specifically in our home market. We're also adequately experienced to respect that our competition in our market are capable of a fine job. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can trust us to lawfully review appraisal reports done by others. And those others could be evaluating our work, too!
You can trust REID E. CHOATE & ASSOCIATES, LLC for our neutral judgment, because we offer professional, fair, ethical appraisal review services for our clients. Contact REID E. CHOATE & ASSOCIATES, LLC for more information about our qualifications, expertise and services offered.