Appraisal Reviews with LB Appraisals, Inc.
According to a statement by the Federal Reserve, "financial institutions are obligated to have an effective, objective real estate appraisal and evaluation program," and that appraisers fulfilling reviews ought to "have the ability and skillfulness to assess compliance with the Federal Reserves appraisal rules and guidelines." LB Appraisals, Inc. provides appraisal review services that are objective, qualified, professional and square with the Federal Reserve's regulations.
If you're in the need of a real estate appraisal review or have questions regarding an appraisal, contact LB Appraisals, Inc. today.
Appraisal reviews "must verify whether the appraisal or evaluation is applicable for the transaction, the liability of the transaction, and whether the means by which the collateral valuation is collected ensures independence and quality," as stated by the Federal Reserve. They "must also demonstrate whether the appraisal or evaluation report is even with the letter of engagement, which gives an account of the scope of the appraisal assignment." Last, The Federal Reserve notes that "some institutions augment periodic reviews with post-funding surveys of appraisal quality for some of their higher-risk or larger-value contracts as a way to aid in exposing valuation problems."
In addition to tailoring our work to the regulations and guidelines of our review clients, there are four Fannie Mae forms that are usually used for review services, and we'll 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. Here at LB Appraisals, Inc., we are trained in every form of appraisal review, review process and the requirements of review appraisers.
We are aware of what the most common defects are, especially in our housing market. We also understand what amounts to a quality appraisal. The professionals at LB Appraisals, Inc. are also sufficiently experienced to acknowledge that the competition in our market are skillful in doing good work. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can trust us to objectively review appraisal reports executed by others. And those others may be reviewing our work, too!
You can count on LB Appraisals, Inc. for our truthful judgment, because we offer professional, impartial, ethical appraisal review services for our customers. Contact us for more information regarding our qualifications, expertise and service offerings.