Appraisal Reviews

As stated in an announcement by the Federal Reserve, "financial institutions must have effective, unbiased real estate appraisal and evaluation plans," and that appraisers fulfilling reviews are obligated to "have the ability and skills to determine compliance with the Federal Reserves appraisal rules and guidelines." Gregory James Company, Inc. provides appraisal review services that are independent, efficient, professional and compliant with the Federal Reserve's guidelines.

If you need a real estate appraisal review or have questions in reference to an appraisal, call us today.

Appraisal reviews "ought to verify whether the appraisal or evaluation is applicable for the transaction, the liability of the transaction, and whether the method by which the collateral valuation is obtained ensures independence and quality," as stated by the Federal Reserve. In addition, they "must indicate whether the appraisal or evaluation report is even with the letter of engagement, which describes the capacity of the appraisal assignment." The Federal Reserve also notes that "some banks add typical reviews with post-funding surveys of appraisal quality for a few of their higher-liability or higher-value transactions as a way to help in uncovering valuation concerns."

In addition to coordinating our work to the processes and guidelines of our review clients, there are four Fannie Mae forms that are largely 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. Here at Gregory James Company, Inc., we're trained in every kind of appraisal review, review process and the responsibilities of review appraisers.

Gregory James Company, Inc. knows what the biggest defects are, especially in our real estate market, as well as what makes a quality appraisal. We're also sufficiently trained to identify that the competitors in our market are able to do good work. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can rely on Gregory James Company, Inc. to fairly examine appraisal reports executed by others. And those others could be reviewing our work, too!

In short, here at Gregory James Company, Inc., you can rely on our neutral judgment, because we offer professional, impartial, ethical appraisal review services for our clients. Contact us for more information regarding our qualifications, expertise and services offered.

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