Appraisal Reviews by Gregory James Company, Inc.
As said in a statement by the Federal Reserve, "financial institutions are required to have an effective, independent real estate appraisal and evaluation program," and that appraisers completing reviews should "have the knowledge and skills to assess compliance with the Federal Reserves appraisal regulations and guidelines." Here at Gregory James Company, Inc., we provide appraisal review services that are independent, efficient, professional and compliant with the Federal Reserve's rules.
If you need a real estate appraisal review or have questions regarding an appraisal, contact us today.
Appraisal reviews "should figure out whether the appraisal or evaluation is relevant for the transaction, the risk of the transaction, and whether the practices by which the collateral valuation is collected guarantees independence and quality," as stated by the Federal Reserve. They "should also denote whether the appraisal or evaluation report is even with the letter of engagement, which sets forth the outlook of the appraisal assignment." Last, The Federal Reserve says that "some banks reinforce routine reviews with post-funding assessments of appraisal quality for a number of their high-risk or larger-value affairs as a channel to assist in addressing valuation problems."
In addition to adapting our work to the regulations and guidelines of our review clients, there are four Fannie Mae forms that are normally used for review services, and we can 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 Gregory James Company, Inc., we are trained in all kinds of appraisal reviews, review procedures and the requirements of review appraisers.
We realize what the most common weaknesses are, particularly in our real estate market, as well as what constitutes a quality appraisal. We're also amply experienced to admit that the 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 rely on us to ethically examine appraisal reports executed by others. And those others may be examining our work, too!
Here at Gregory James Company, Inc., you can have confidence in our truthful judgment, because we offer professional, unbiased, ethical appraisal review services for our customers. Contact Gregory James Company, Inc. regarding our qualifications, expertise and service offerings.
Questions or Comments?
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