According to an announcement by the Federal Reserve, "financial institutions are obligated to have an effective, unbiased real estate appraisal and evaluation plan," and that appraisers fulfilling reviews are obligated to "have the ability and skills to assess compliance with the Federal Reserves appraisal regulations and guidelines." JML Appraisal Services provides appraisal review services that are independent, expert, professional and in accordance with the Federal Reserve's guidelines.
If you have questions about an appraisal, or if you need a real estate appraisal review, call JML Appraisal Services today.
Appraisal reviews "should decide whether the appraisal or evaluation is fitting for the transaction, the uncertainty of the transaction, and whether the manners by which the collateral valuation is accomplished guarantees independence and quality," according to the Federal Reserve. They "should also demonstrate whether the appraisal or evaluation report matches the engagement letter, which describes the range of the appraisal assignment." The Federal Reserve also notes that "some financial institutions supplement typical reviews with post-funding evaluations of appraisal quality for any of their high-liability or greater-value dealings as a means to help in revealing valuation dilemmas."
In addition to conforming our work to the practices and guidelines of our review clients, there are four Fannie Mae forms that are primarily used for review services, and we will develop 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 JML Appraisal Services, we are qualified in all kinds of appraisal reviews, review procedures and the obligations of review appraisers.
We know what makes a quality appraisal and what the greatest imperfections are, particularly in our housing market. We're also skilled enough to realize that our competitors in our market are qualified to do good work. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can rely on JML Appraisal Services to lawfully evaluate appraisal reports performed by others. And those others may be reviewing our work, too!
In short, when you choose JML Appraisal Services, you can be sure of our neutral judgment, because we offer professional, objective, ethical appraisal review services for our clients. Contact JML Appraisal Services for more information about our qualifications, expertise and services offered.
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