Appraisal Reviews by Gregory James Company, Inc.
According to a statement by the Federal Reserve, "financial institutions are obligated to have effective, objective real estate appraisal and evaluation plans," and that appraisers performing reviews must "have the knowledge and skills to evaluate compliance with the Federal Reserves appraisal rules and guidelines." Here at Gregory James Company, Inc., we provide appraisal review services that are independent, expert, professional and in accordance with the Federal Reserve's rules.
If you have questions regarding an appraisal, or if you're in the need of a real estate appraisal review, contact us today.
Appraisal reviews "have to decide whether the appraisal or evaluation is relevant for the transaction, the liability of the transaction, and whether the processes by which the collateral valuation is obtained guarantees independence and quality," the Federal Reserve says. They "must also announce whether the appraisal or evaluation report is consistent with the letter of engagement, which sets forth the scope of the appraisal assignment." Last, The Federal Reserve notes that "some banks reinforce regular reviews with post-funding evaluations of appraisal quality for a few of their higher-risk or larger-value affairs as a method to assist in detecting valuation problems."
In addition to adjusting 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 formulate an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. Here at Gregory James Company, Inc., we are trained in every kind of appraisal review, review procedure and the requirements of review appraisers.
We realize what the biggest weaknesses are, particularly in our home market. We also understand what constitutes a quality appraisal. In the same regard, we are amply trained to acknowledge that our competitors in our market are able to do a great job. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can count on us to objectively study appraisal reports done by others. And those others might be evaluating our work, too!
Here at Gregory James Company, Inc., you can trust our independent judgment, because we offer professional, unbiased, ethical appraisal review services for our customers. Contact Gregory James Company, Inc. for more information about our qualifications, expertise and service offerings.
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