Qualified Appraisal Reviews by JMS Appraisal
As stated in an announcement by the Federal Reserve, "financial institutions must have effective, independent real estate appraisal and evaluation procedures," and that appraisers performing reviews should "have the knowledge and skillfulness to determine compliance with the Federal Reserves appraisal rules and guidelines." JMS Appraisal provides appraisal review services that are independent, expert, professional and in accordance with the Federal Reserve's rules.
If you're in the need of a real estate appraisal review or have questions about an appraisal, contact us today.
Appraisal reviews "have to decide whether the appraisal or evaluation is well-suited for the transaction, the liability of the transaction, and whether the method by which the collateral valuation is acquired ensures independence and quality," according to the Federal Reserve. They "must also announce whether the appraisal or evaluation report is even with the engagement letter, which sets forth the capacity of the appraisal assignment." The Federal Reserve also says that "some financial institutions add regular reviews with post-funding assessments of appraisal quality for a number of their high-liability or larger-value transactions as a way to assist in uncovering valuation concerns."
In addition to conforming our work to the procedures and guidelines of our review customers, there are four Fannie Mae forms that are generally used for review services, and we can 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 JMS Appraisal, we're skilled in all types of appraisal reviews, review practices and the requirements of review appraisers.
We understand what the most prevalent imperfections are, specifically in our real estate market, as well as what constitutes a quality appraisal. We're also sufficiently experienced to realize that our competitors in our market are capable of a good job. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can count on us to objectively review appraisal reports carried out by others. And those others could be reviewing our work, too!
When you choose JMS Appraisal, you can be sure of our honest judgment, because we offer professional, unbiased, ethical appraisal review services for our customers. Contact JMS Appraisal to learn more about our qualifications, expertise and services offered.