REID E. CHOATE & ASSOCIATES, LLC Appraisal Reviews
As said in an announcement by the Federal Reserve, "financial institutions are required to have an effective, unbiased real estate appraisal and evaluation plan," and that appraisers performing reviews must "have the ability and skills to assess compliance with the Federal Reserves appraisal rules and guidelines." At REID E. CHOATE & ASSOCIATES, LLC, we provide appraisal review services that are independent, efficient, professional and compliant with the Federal Reserve's rules.
If you have questions in reference to an appraisal, or if you need a real estate appraisal review, call us today.
Appraisal reviews "should figure out whether the appraisal or evaluation is well-suited for the transaction, the risk of the transaction, and whether the procedures by which the collateral valuation is accomplished guarantees independence and quality," according to the Federal Reserve. In addition, they "should demonstrate whether the appraisal or evaluation report is consistent with the engagement letter, which sets forth the capacity of the appraisal assignment." Lastly, the Federal Reserve states that "some institutions augment routine reviews with post-funding assessments of appraisal quality for a number of their high-risk or large-value dealings as a method to assist in addressing valuation disputes."
In addition to coordinating our work to the regulations and guidelines of our review customers, there are four Fannie Mae forms that are typically used for review services, and we can prepare an appraisal review on any one of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At REID E. CHOATE & ASSOCIATES, LLC, we're trained in every type of appraisal review, review practice and the requirements of review appraisers.
We know what constitutes a quality appraisal and what the greatest deficiencies are, specifically in our housing market. In the same sense, we are experienced enough to distinguish that our competitors in our market are capable of a good job. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can trust us to objectively study appraisal reports done by others. And those others could be studying our work, too!
You can depend on REID E. CHOATE & ASSOCIATES, LLC for our truthful judgment, because we offer professional, impartial, ethical appraisal review services for our customers. Contact us regarding our qualifications, expertise and services offered.