Appraisal ReviewsAs stated in an announcement by the Federal Reserve, "financial institutions are obligated to have an effective, independent real estate appraisal and evaluation plan," and that appraisers fulfilling reviews should "have the knowledge and skills to evaluate compliance with the Federal Reserves appraisal regulations and guidelines." If you need appraisal review services that are impartial, qualified, professional and in line with the Federal Reserve's regulations, look no further than Joe Murphy Appraisals. 
If you have questions in reference to an appraisal, or if you're in the need of a real estate appraisal review, call Joe Murphy Appraisals today. The Federal Reserve says appraisal reviews "have to verify whether the appraisal or evaluation is pertinent for the transaction, the risk of the transaction, and whether the procedure by which the collateral valuation is attained guarantees independence and quality." They "should also show whether the appraisal or evaluation report is even with the engagement letter, which gives an account of the scope of the appraisal assignment." Last, The Federal Reserve states that "some institutions augment regular reviews with post-funding surveys of appraisal quality for a number of their higher-risk or higher-value transactions as a means to assist in discovering valuation problems." In addition to adjusting 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 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. At Joe Murphy Appraisals, we're skilled in all types of appraisal reviews, review practices and the requirements of review appraisers. We know what the most common defects are, particularly in our real estate market. We also know what makes a quality appraisal. In this regard, we're sufficiently trained to identify that the competitors in our market are capable of doing quality work. 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 studying our work, too! Here at Joe Murphy Appraisals, you can be sure of our truthful judgment, because we offer professional, impartial, ethical appraisal review services for our clients. Contact us for more information regarding our qualifications, expertise and service offerings. |