Appraisal Reviews with Bain & Associates, Inc.
As stated in an announcement by the Federal Reserve, "financial institutions must have an effective, independent real estate appraisal and evaluation program," and that appraisers completing reviews ought to "have the proficiency and skillfulness to assess compliance with the Federal Reserves appraisal rules and guidelines." Here at Bain & Associates, Inc., we provide appraisal review services that are unbiased, efficient, professional and square 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.
As stated by the Federal Reserve, appraisal reviews "should decide whether the appraisal or evaluation is fitting for the transaction, the uncertainty of the transaction, and whether the practices by which the collateral valuation is accomplished ensures independence and quality." Moreover, they "must announce whether the appraisal or evaluation report matches the letter of engagement, which sets forth the capacity of the appraisal assignment." Lastly, the Federal Reserve notes that "some banks supplement typical reviews with post-funding evaluations of appraisal quality for a few of their higher-liability or large-value affairs as a channel to aid in revealing valuation complications."
In addition to conforming our work to the practices and guidelines of our review customers, there are four Fannie Mae forms that are normally used for review services, and we will prepare an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At Bain & Associates, Inc., we are trained in all types of appraisal reviews, review practices and the responsibilities of review appraisers.
Bain & Associates, Inc. understands what amounts to a quality appraisal and what the biggest deficiencies are, particularly in our housing market. We're also skilled enough to distinguish that the competitors in our market are capable of doing a good job. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can trust us to objectively study appraisal reports performed by others. And those others may be reviewing our work, too!
At Bain & Associates, Inc., you can trust our honest judgment, because we offer professional, objective, ethical appraisal review services for our clients. Contact us for more information regarding our qualifications, expertise and service offerings.
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