Appraisal Reviews with Mike Noble Appraisals
According to a statement by the Federal Reserve, "financial institutions are obligated to have effective, impartial real estate appraisal and evaluation programs," and that appraisers doing reviews should "have the familiarity and skills to assess compliance with the Federal Reserves appraisal regulations and guidelines." Mike Noble Appraisals provides appraisal review services that are impartial, qualified, professional and square with the Federal Reserve's guidelines.
If you're in the need of a real estate appraisal review or have questions regarding an appraisal, contact Mike Noble Appraisals today.
Appraisal reviews "ought to determine whether the appraisal or evaluation is suitable for the transaction, the danger of the transaction, and whether the practices by which the collateral valuation is obtained guarantees independence and quality," according to the Federal Reserve. They "should also indicate whether the appraisal or evaluation report is consistent with the letter of engagement, which gives an account of the capacity of the appraisal assignment." Last, The Federal Reserve says that "some institutions augment regular reviews with post-funding evaluations of appraisal quality for any of their higher-risk or large-value dealings as a way to help in exposing valuation disputes."
In addition to conforming our work to the practices and guidelines of our review clients, there are four Fannie Mae forms that are largely 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 Mike Noble Appraisals, we're trained in all kinds of appraisal reviews, review processes and the responsibilities of review appraisers.
We are aware of what constitutes a quality appraisal and what the biggest inadequacies are, specifically in our real estate market. At the same time, we're adequately experienced to realize that the competitors in our market are capable of a great job. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can rely on Mike Noble Appraisals to ethically study appraisal reports executed by others. And those others might be evaluating our work, too!
You can trust Mike Noble Appraisals for our independent judgment, because we offer professional, fair, ethical appraisal review services for our clients. Contact Mike Noble Appraisals for more information about our qualifications, expertise and service offerings.