Appraisal Reviews by Bain & Associates, Inc.
As stated in an announcement by the Federal Reserve, "financial institutions must have effective, independent real estate appraisal and evaluation procedures," and that appraisers fulfilling reviews must "have the proficiency and skills to assess compliance with the Federal Reserves appraisal rules and guidelines." At Bain & Associates, Inc., we provide appraisal review services that are unbiased, expert, professional and compliant with the Federal Reserve's guidelines.
If you're in the need of a real estate appraisal review or have questions in reference to an appraisal, contact Bain & Associates, Inc. today.
According to the Federal Reserve, appraisal reviews "have to find out whether the appraisal or evaluation is relevant for the transaction, the liability of the transaction, and whether the manners by which the collateral valuation is acquired guarantees independence and quality." In addition, they "must signify whether the appraisal or evaluation report is even with the letter of engagement, which sets forth the extent of the appraisal assignment." The Federal Reserve also says that "some financial institutions supplement routine reviews with post-funding evaluations of appraisal quality for any of their higher-risk or high-value contracts as a means to aid in discovering valuation disputes."
In addition to adjusting our work to the forms and guidelines of our review clients, there are four Fannie Mae forms that are largely 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. At Bain & Associates, Inc., we're experienced in all kinds of appraisal reviews, review practices and the responsibilities of review appraisers.
We are aware of what the most prevalent deficiencies are, particularly in our housing market, as well as what amounts to a quality appraisal. We're also skilled enough to distinguish that our competition in our market are capable of good work. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can rely on us to objectively examine appraisal reports executed by others. And those others might be examining our work, too!
In short, here at Bain & Associates, Inc., you can rely on our honest judgment, because we offer professional, objective, ethical appraisal review services for our clients. Contact Bain & Associates, Inc. for more information regarding our qualifications, expertise and services offered.
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