Appraisal Reviews with Nordquist Appraisal LLC
As stated in an announcement by the Federal Reserve, "financial institutions must have an effective, impartial real estate appraisal and evaluation plan," and that appraisers doing reviews have to "have the knowledge and expertise to assess compliance with the Federal Reserves appraisal regulations and guidelines." For appraisal review services that are unbiased, expert, professional and square with the Federal Reserve's guidelines, look no further than Nordquist Appraisal LLC.
If you have questions in reference to an appraisal, or if you need a real estate appraisal review, call Nordquist Appraisal LLC today.
The Federal Reserve says appraisal reviews "ought to find out whether the appraisal or evaluation is relevant for the transaction, the danger of the transaction, and whether the manners by which the collateral valuation is collected ensures independence and quality." Moreover, they "must signify whether the appraisal or evaluation report is compatible with the engagement letter, which describes the extent of the appraisal assignment." The Federal Reserve also states that "some banks augment regular reviews with post-funding assessments of appraisal quality for a number of their higher-risk or larger-value contracts as a method to aid in exposing valuation problems."
In addition to adjusting our work to the processes and guidelines of our review clients, there are four Fannie Mae forms that are mostly used for review services, and we can formulate an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At Nordquist Appraisal LLC, we are trained in all types of appraisal reviews, review practices and the responsibilities of review appraisers.
We're aware of what the biggest inadequacies are, particularly in our home market. We also understand what makes a quality appraisal. In this regard, we are proficient enough to know that our competition in our market are skillful in doing a great job. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can count on Nordquist Appraisal LLC to lawfully assess appraisal reports executed by others. And those others could be evaluating our work, too!
You can rely on Nordquist Appraisal LLC for our honest judgment, because we offer professional, fair, ethical appraisal review services for our customers. Contact us for more information regarding our qualifications, expertise and services offered.