Quality Appraisal Reviews by St. Charles/WestPlex Appraisal Services, LLC
As said in a statement by the Federal Reserve, "financial institutions are required to have effective, objective real estate appraisal and evaluation programs," and that appraisers fulfilling reviews should "have the ability and skills to determine compliance with the Federal Reserves appraisal regulations and guidelines." Here at St. Charles/WestPlex Appraisal Services, LLC, we provide appraisal review services that are objective, expert, professional and square with the Federal Reserve's guidelines.
If you need a real estate appraisal review or have questions about an appraisal, call us today.
According to the Federal Reserve, appraisal reviews "must verify whether the appraisal or evaluation is suitable for the transaction, the liability of the transaction, and whether the procedures by which the collateral valuation is obtained guarantees independence and quality." They "must also announce whether the appraisal or evaluation report is consistent with the engagement letter, which gives an account of the scope of the appraisal assignment." Lastly, the Federal Reserve states that "some financial institutions augment periodic reviews with post-funding assessments of appraisal quality for a number of their higher-risk or large-value transactions as a control to assist in addressing valuation disputes."
In addition to coordinating our work to the processes and guidelines of our review clients, there are four Fannie Mae forms that are typically used for review services, and we can formulate an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At St. Charles/WestPlex Appraisal Services, LLC, we are trained in every kind of appraisal review, review practice and the requirements of review appraisers.
St. Charles/WestPlex Appraisal Services, LLC realizes what represents a quality appraisal and what the most frequent inadequacies are, particularly in our real estate market. At the same time, the professionals at St. Charles/WestPlex Appraisal Services, LLC are amply experienced to recognize that our competitors in our market are skillful in doing a good job. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can rely on St. Charles/WestPlex Appraisal Services, LLC to ethically review appraisal reports done by others. And those others may be evaluating our work, too!
In short, when you choose St. Charles/WestPlex Appraisal Services, LLC, you can trust our honest judgment, because we offer professional, unbiased, ethical appraisal review services for our customers. Contact St. Charles/WestPlex Appraisal Services, LLC for more information about our qualifications, expertise and services offered.
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