According to an announcement by the Federal Reserve, "financial institutions must have effective, objective real estate appraisal and evaluation programs," and that appraisers completing reviews are obligated to "have the proficiency and skills to determine compliance with the Federal Reserves appraisal rules and guidelines." REID E. CHOATE & ASSOCIATES, LLC provides appraisal review services that are independent, expert, professional and in accordance with the Federal Reserve's guidelines.
If you have questions regarding an appraisal, or if you're in the need of a real estate appraisal review, call REID E. CHOATE & ASSOCIATES, LLC today.
The Federal Reserve says appraisal reviews "should determine whether the appraisal or evaluation is suitable for the transaction, the liability of the transaction, and whether the means by which the collateral valuation is collected ensures independence and quality." They "should also announce whether the appraisal or evaluation report is compatible with the engagement letter, which gives an account of the scope of the appraisal assignment." The Federal Reserve also states that "some institutions augment regular reviews with post-funding assessments of appraisal quality for a few of their high-liability or larger-value dealings as a way to aid in revealing valuation concerns."
In addition to coordinating our work to the forms and guidelines of our review clients, there are four Fannie Mae forms that are primarily used for review services, and we'll prepare an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At REID E. CHOATE & ASSOCIATES, LLC, we're skilled in all forms of appraisal reviews, review processes and the responsibilities of review appraisers.
We understand what the most prevalent weaknesses are, especially in our housing market, as well as what amounts to a quality appraisal. At the same time, we are adequately skilled to respect that the competition in our market are qualified to do quality work. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can rely on REID E. CHOATE & ASSOCIATES, LLC to justly review appraisal reports completed by others. And those others could be studying our work, too!
For professional, objective, ethical appraisal review services and truthful judgments, you can rely on REID E. CHOATE & ASSOCIATES, LLC. Contact REID E. CHOATE & ASSOCIATES, LLC for more information about our qualifications, expertise and service offerings.