As said in an announcement by the Federal Reserve, "financial institutions are required to have an effective, objective real estate appraisal and evaluation program," and that appraisers performing reviews are obligated to "have the familiarity and skills to determine compliance with the Federal Reserves appraisal regulations and guidelines." JTC Valuations provides appraisal review services that are independent, efficient, professional and in line with the Federal Reserve's regulations.
If you're in the need of a real estate appraisal review or have questions in reference to an appraisal, call us today.
Appraisal reviews "should find out whether the appraisal or evaluation is well-suited for the transaction, the danger of the transaction, and whether the actions by which the collateral valuation is accomplished guarantees independence and quality," the Federal Reserve says. In addition, they "must announce whether the appraisal or evaluation report is true to the engagement letter, which gives an account of the capacity of the appraisal assignment." The Federal Reserve also states that "some financial institutions supplement regular reviews with post-funding evaluations of appraisal quality for some of their high-risk or larger-value affairs as a way to assist in identifying valuation dilemmas."
In addition to tailoring our work to the practices and guidelines of our review clients, there are four Fannie Mae forms that are generally used for review services, and we will produce 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 JTC Valuations, we are experienced in every form of appraisal review, review practice and the requirements of review appraisers.
We are aware of what the greatest weaknesses are, especially in our real estate market, as well as what makes a quality appraisal. We're also skilled enough to distinguish that our competitors in our market are able to do quality work. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can rely on us to lawfully evaluate appraisal reports carried out by others. And those others could be evaluating our work, too!
Here at JTC Valuations, you can have confidence in our neutral judgment, because we offer professional, impartial, ethical appraisal review services for our clients. Contact us for more information regarding our qualifications, expertise and service offerings.