According to a statement by the Federal Reserve, "financial institutions are obligated to have effective, impartial real estate appraisal and evaluation procedures," and that appraisers performing reviews are obligated to "have the ability and skills to determine compliance with the Federal Reserves appraisal rules and guidelines." Here at REID E. CHOATE & ASSOCIATES, LLC, we provide appraisal review services that are unbiased, expert, professional and in line with the Federal Reserve's rules.
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 verify whether the appraisal or evaluation is fitting for the transaction, the danger of the transaction, and whether the practices by which the collateral valuation is obtained guarantees independence and quality," as stated by the Federal Reserve. They "should also denote whether the appraisal or evaluation report matches the letter of engagement, which gives an account of the range of the appraisal assignment." Last, The Federal Reserve says that "some banks supplement regular reviews with post-funding assessments of appraisal quality for a few of their high-risk or large-value affairs as a means to aid in addressing valuation disputes."
In addition to tailoring our work to the forms and guidelines of our review clients, there are four Fannie Mae forms that are largely used for review services, and we can develop 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 qualified in all types of appraisal reviews, review procedures and the requirements of review appraisers.
REID E. CHOATE & ASSOCIATES, LLC understands what the most prevalent defects are, particularly in our housing market, as well as what constitutes a quality appraisal. In the same regard, we're adequately skilled to realize 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 REID E. CHOATE & ASSOCIATES, LLC to objectively review appraisal reports executed by others. And those others might be examining our work, too!
In short, when you choose REID E. CHOATE & ASSOCIATES, LLC, you can be sure of our neutral judgment, because we offer professional, unbiased, ethical appraisal review services for our customers. Contact us to learn more about our qualifications, expertise and services offered.