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Complete Appraisal Reviews with Truex Residential Appraisers Inc.As stated in an announcement by the Federal Reserve (click here), "financial institutions must have an effective, independent real estate appraisal and evaluation program" and that appraisers preparing reviews have to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." At Truex Residential Appraisers Inc., we provide appraisal review services that are impartial, efficient, professional and in accordance with the Federal Reserve's guidelines.The purpose of appraisal reviews are to determine: whether the original appraisal or evaluation is appropriate for the transaction, the liability inherit in the transaction, and whether the procedure by which the property valuation is attained guarantees independence and quality. In addition, they should signify whether the appraisal or evaluation report matches the engagement letter, which sets forth the range of the appraisal assignment. Lastly, the Federal Reserve also notes that "some banks supplement routine reviews with post-funding evaluations of appraisal quality for some of their higher-risk or greater-value transactions as a control to assist in detecting valuation problems".
In addition to adapting our work to the procedures and guidelines of our review customers, there are four Fannie Mae forms that are widely used for review services, and we will formulate 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 Truex Residential Appraisers Inc., we're trained in every form of appraisal review, review practice and the requirements of review appraisers.
In short, at Truex Residential Appraisers Inc., you can be sure of our independent judgment, because we offer professional, objective, ethical appraisal review services for our customers. Contact us regarding our qualifications, expertise and services offered. |
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We know what the most common report inadequacies are, especially in our home market, as well as what amounts to a quality appraisal.
The professionals at Truex Residential Appraisers Inc. are also sufficiently trained to admit that our competitors in our market are able to do a good job.
The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can trust Truex Residential Appraisers Inc. to fairly evaluate appraisal reports executed by others. And those others may be examining our work, too!