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Experienced Appraisal Reviews with REID E. CHOATE & ASSOCIATES, LLC
As stated in an announcement
by the Federal Reserve (click here), "financial institutions must have an effective, independent real estate appraisal and evaluation program" and that
it's the responsibility of appraisers doing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines."
At REID E. CHOATE & ASSOCIATES, LLC, we provide appraisal review services that are impartial, efficient, professional and square with the Federal Reserve's guidelines.
The purpose of appraisal reviews are to pursue: whether the original appraisal or evaluation is relevant for the transaction, the exposure inherit in the transaction, and whether the actions by which the real estate valuation is obtained ensures independence and quality.
Moreover, they must show whether the appraisal or evaluation report is compatible with the engagement letter, which gives an account of the range of the appraisal assignment.
Lastly, the Fed notes that "some banks supplement routine reviews with post-funding evaluations of appraisal quality for some of their higher-risk or greater-value transactions as a control to assist in detecting valuation problems".
In addition to tailoring our work to the procedures and guidelines of our review customers, there are four Fannie Mae forms that are mostly 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.
Here at REID E. CHOATE & ASSOCIATES, LLC, we are experienced in every form of appraisal review, review practice and the obligations of review appraisers.
We're aware of what constitutes a quality appraisal and what the most prevalent errors are, specifically when it comes to our local real estate market.
The professionals at REID E. CHOATE & ASSOCIATES, LLC are also trained enough to identify that our competitors in our market are skillful in doing a good job.
The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can count on us to lawfully look over appraisal reports done by others. And those others may be examining our work, too!
Here at REID E. CHOATE & ASSOCIATES, LLC, you can have confidence in our neutral judgment, because we offer professional, impartial, ethical appraisal review services for our clients.
Contact REID E. CHOATE & ASSOCIATES, LLC to learn more about our qualifications, expertise and service offerings.
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