Appraisal Reviews with JML Appraisal Services

As said in an announcement by the Federal Reserve, "financial institutions are obligated to have an effective, objective real estate appraisal and evaluation plan," and that appraisers completing reviews must "have the knowledge and skills to assess compliance with the Federal Reserves appraisal rules and guidelines." If you need appraisal review services that are impartial, qualified, professional and square with the Federal Reserve's rules, contact JML Appraisal Services.

If you need a real estate appraisal review or have questions regarding an appraisal, contact us today.

Appraisal reviews "ought to conclude whether the appraisal or evaluation is fitting for the transaction, the risk of the transaction, and whether the manners by which the collateral valuation is collected guarantees independence and quality," according to the Federal Reserve. They "should also indicate whether the appraisal or evaluation report is consistent with the letter of engagement, which sets forth the scope of the appraisal assignment." Lastly, the Federal Reserve says that "some institutions supplement regular reviews with post-funding surveys of appraisal quality for a number of their higher-risk or larger-value transactions as a channel to help in uncovering valuation concerns."

In addition to coordinating our work to the forms and guidelines of our review clients, there are four Fannie Mae forms that are normally used for review services, and we'll formulate 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 JML Appraisal Services, we are experienced in every kind of appraisal review, review practice and the responsibilities of review appraisers.

JML Appraisal Services understands what represents a quality appraisal and what the most common defects are, particularly in our housing market. At the same time, we are amply experienced to respect that our competition in our market are qualified to do a great job. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can count on JML Appraisal Services to lawfully examine appraisal reports done by others. And those others could be evaluating our work, too!

You can depend on JML Appraisal Services for our truthful judgment, because we offer professional, fair, ethical appraisal review services for our clients. Contact us for more information regarding our qualifications, expertise and service offerings.

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