Qualified Appraisal Reviews by JML Appraisal Services
According to a statement by the Federal Reserve, "financial institutions must have an effective, unbiased real estate appraisal and evaluation plan," and that appraisers completing reviews have to "have the ability and skillfulness to assess compliance with the Federal Reserves appraisal rules and guidelines." At JML Appraisal Services, we provide appraisal review services that are impartial, expert, professional and square with the Federal Reserve's regulations.
If you're in the need of a real estate appraisal review or have questions regarding an appraisal, contact JML Appraisal Services today.
Appraisal reviews "must find out whether the appraisal or evaluation is well-suited for the transaction, the uncertainty of the transaction, and whether the actions by which the collateral valuation is collected guarantees independence and quality," as stated by the Federal Reserve. They "should also demonstrate whether the appraisal or evaluation report is even with the engagement letter, which sets forth the outlook of the appraisal assignment." Lastly, the Federal Reserve states that "some financial institutions supplement regular reviews with post-funding assessments of appraisal quality for a number of their higher-liability or large-value affairs as a control to help in uncovering valuation issues."
In addition to adapting our work to the processes and guidelines of our review clients, there are four Fannie Mae forms that are typically used for review services, and we will develop an appraisal review on any one of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. Here at JML Appraisal Services, we are qualified in all kinds of appraisal reviews, review practices and the requirements of review appraisers.
We realize what the most prevalent imperfections are, specifically in our real estate market. We also understand what makes a quality appraisal. The professionals at JML Appraisal Services are also sufficiently experienced to realize that our competition in our market are skillful in doing quality work. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can trust JML Appraisal Services to justly look over appraisal reports performed by others. And those others might be studying our work, too!
For professional, fair, ethical appraisal review services and independent judgments, you can rely on JML Appraisal Services. Contact JML Appraisal Services regarding our qualifications, expertise and services offered.
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