Appraisal Reviews by MI Action Appraisal
According to a statement by the Federal Reserve, "financial institutions must have an effective, objective real estate appraisal and evaluation plan," and that appraisers completing reviews ought to "have the familiarity and skills to evaluate compliance with the Federal Reserves appraisal regulations and guidelines." MI Action Appraisal provides appraisal review services that are unbiased, qualified, professional and in line with the Federal Reserve's regulations.
If you have questions regarding an appraisal, or if you're in the need of a real estate appraisal review, contact MI Action Appraisal today.
Appraisal reviews "ought to verify whether the appraisal or evaluation is well-suited for the transaction, the risk of the transaction, and whether the procedure by which the collateral valuation is obtained guarantees independence and quality," the Federal Reserve says. In addition, they "must signify whether the appraisal or evaluation report matches the engagement letter, which gives an account of the capacity of the appraisal assignment." The Federal Reserve also states that "some financial institutions augment routine reviews with post-funding evaluations of appraisal quality for a few of their higher-liability or high-value dealings as a method to help in identifying valuation problems."
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'll develop 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 MI Action Appraisal, we're skilled in all types of appraisal reviews, review processes and the obligations of review appraisers.
MI Action Appraisal understands what amounts to a quality appraisal and what the most prevalent deficiencies are, particularly in our housing market. In the same sense, we're adequately experienced to respect that our competition in our market are able to do a fine job. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can trust us to fairly evaluate appraisal reports carried out by others. And those others could be reviewing our work, too!
In short, here at MI Action Appraisal, you can be sure of our truthful judgment, because we offer professional, impartial, ethical appraisal review services for our customers. Contact us for more information about our qualifications, expertise and services offered.