Appraisal Reviews by Bain & Associates, Inc.
According to a statement by the Federal Reserve, "financial institutions must have effective, impartial real estate appraisal and evaluation plans," and that appraisers fulfilling reviews have to "have the knowledge and skillfulness to evaluate compliance with the Federal Reserves appraisal rules and guidelines." Here at Bain & Associates, Inc., we provide appraisal review services that are independent, expert, professional and in line with the Federal Reserve's rules.
If you need a real estate appraisal review or have questions in reference to an appraisal, call Bain & Associates, Inc. today.
As stated by the Federal Reserve, appraisal reviews "must conclude whether the appraisal or evaluation is appropriate for the transaction, the danger of the transaction, and whether the process by which the collateral valuation is obtained ensures independence and quality." They "should also indicate whether the appraisal or evaluation report is even with the letter of engagement, which sets forth the outlook of the appraisal assignment." Lastly, the Federal Reserve notes that "some institutions reinforce routine reviews with post-funding surveys of appraisal quality for a few of their higher-risk or larger-value contracts as a way to aid in identifying valuation complications."
In addition to conforming our work to the regulations and guidelines of our review clients, there are four Fannie Mae forms that are normally used for review services, and we'll produce 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 Bain & Associates, Inc., we are trained in every kind of appraisal review, review process and the obligations of review appraisers.
We know what the biggest imperfections are, particularly in our real estate market. We also understand what represents a quality appraisal. We're also skilled enough to respect that the competitors in our market are capable of doing good work. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can count on us to justly look over appraisal reports executed by others. And those others could be studying our work, too!
For professional, fair, ethical appraisal review services and honest judgments, you can depend on Bain & Associates, Inc.. Contact us to learn more about our qualifications, expertise and services offered.
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