Appraisal Reviews with REID E. CHOATE & ASSOCIATES, LLC
According to an announcement by the Federal Reserve, "financial institutions must have an effective, independent real estate appraisal and evaluation plan," and that appraisers completing reviews must "have the familiarity and skills to assess compliance with the Federal Reserves appraisal rules and guidelines." If you're looking for appraisal review services that are independent, expert, professional and square with the Federal Reserve's regulations, just contact REID E. CHOATE & ASSOCIATES, LLC.
If you have questions about 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 uncertainty of the transaction, and whether the method by which the collateral valuation is collected guarantees independence and quality," the Federal Reserve says. They "should also demonstrate whether the appraisal or evaluation report is even with the engagement letter, which describes the outlook of the appraisal assignment." Lastly, the Federal Reserve says that "some institutions reinforce periodic reviews with post-funding assessments of appraisal quality for some of their higher-liability or large-value contracts as a channel to aid in uncovering valuation complications."
In addition to tailoring 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 can prepare 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 type of appraisal review, review practice and the responsibilities of review appraisers.
We realize what the biggest weaknesses are, especially in our home market, as well as what constitutes a quality appraisal. In this regard, the professionals at REID E. CHOATE & ASSOCIATES, LLC are amply trained to admit that the competition in our market are qualified to do a great job. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can count on REID E. CHOATE & ASSOCIATES, LLC to fairly look over appraisal reports carried out by others. And those others might be examining our work, too!
In short, at REID E. CHOATE & ASSOCIATES, LLC, you can count on our independent judgment, because we offer professional, unbiased, ethical appraisal review services for our clients. Contact REID E. CHOATE & ASSOCIATES, LLC regarding our qualifications, expertise and service offerings.