Quality Appraisal Reviews by Galloway Appraisal
According to an announcement by the Federal Reserve, "financial institutions are obligated to have an effective, unbiased real estate appraisal and evaluation program," and that appraisers completing reviews are obligated to "have the knowledge and skills to evaluate compliance with the Federal Reserves appraisal rules and guidelines." Galloway Appraisal provides appraisal review services that are objective, 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 about an appraisal, contact us today.
As stated by the Federal Reserve, appraisal reviews "should find out whether the appraisal or evaluation is applicable for the transaction, the danger of the transaction, and whether the manners by which the collateral valuation is accomplished ensures independence and quality." Moreover, they "should demonstrate whether the appraisal or evaluation report is even with the letter of engagement, which gives an account of the extent of the appraisal assignment." Last, The Federal Reserve notes that "some financial institutions reinforce routine reviews with post-funding evaluations of appraisal quality for any of their higher-liability or greater-value affairs as a way to assist in identifying valuation complications."
In addition to adapting our work to the practices and guidelines of our review customers, there are four Fannie Mae forms that are largely 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. At Galloway Appraisal, we're experienced in all forms of appraisal reviews, review procedures and the obligations of review appraisers.
Galloway Appraisal is aware of what the most common imperfections are, especially in our real estate market. We also understand what amounts to a quality appraisal. At the same time, we are professional enough to acknowledge that our competition in our market are skillful in doing a fine job. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can trust us to objectively assess appraisal reports done by others. And those others might be studying our work, too!
For professional, fair, ethical appraisal review services and truthful judgments, you can depend on Galloway Appraisal. Contact us regarding our qualifications, expertise and service offerings.