Quality Appraisal Reviews by Gregory James Company, Inc.
According to a statement by the Federal Reserve, "financial institutions are obligated to have effective, independent real estate appraisal and evaluation plans," and that appraisers completing reviews have to "have the proficiency and skills to assess compliance with the Federal Reserves appraisal rules and guidelines." Gregory James Company, Inc. provides appraisal review services that are independent, expert, professional and compliant with the Federal Reserve's regulations.
If you're in the need of a real estate appraisal review or have questions about an appraisal, call us today.
Appraisal reviews "should determine whether the appraisal or evaluation is fitting for the transaction, the liability of the transaction, and whether the process by which the collateral valuation is attained ensures independence and quality," according to the Federal Reserve. Moreover, they "should signify whether the appraisal or evaluation report is compatible with the engagement letter, which sets forth the capacity of the appraisal assignment." The Federal Reserve also says that "some banks reinforce regular reviews with post-funding evaluations of appraisal quality for some of their higher-risk or higher-value contracts as a channel to help in exposing valuation dilemmas."
In addition to adapting our work to the forms and guidelines of our review clients, there are four Fannie Mae forms that are generally used for review services, and we'll prepare an appraisal review on any one of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At Gregory James Company, Inc., we're skilled in every form of appraisal review, review process and the requirements of review appraisers.
We are aware of what the most frequent deficiencies are, specifically in our home market. We also know what amounts to a quality appraisal. At the same time, we're sufficiently experienced to realize that our competition in our market are able to do good work. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can rely on us to objectively examine appraisal reports done by others. And those others might be studying our work, too!
At Gregory James Company, Inc., you can trust our truthful judgment, because we offer professional, objective, ethical appraisal review services for our customers. Contact us to learn more about our qualifications, expertise and service offerings.
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