Expert Appraisal Reviews with Nordquist Appraisal LLC
According to an announcement by the Federal Reserve, "financial institutions must have an effective, objective real estate appraisal and evaluation plan," and that appraisers completing reviews ought to "have the ability and skills to assess compliance with the Federal Reserves appraisal regulations and guidelines." Nordquist Appraisal LLC provides appraisal review services that are impartial, expert, professional and compliant with the Federal Reserve's guidelines.
If you have questions in reference to an appraisal, or if you're in the need of a real estate appraisal review, call us today.
The Federal Reserve says appraisal reviews "must verify whether the appraisal or evaluation is well-suited for the transaction, the danger of the transaction, and whether the procedures by which the collateral valuation is obtained ensures independence and quality." In addition, they "should signify whether the appraisal or evaluation report matches the engagement letter, which sets forth the extent of the appraisal assignment." The Federal Reserve also says that "some financial institutions reinforce typical reviews with post-funding evaluations of appraisal quality for any of their higher-risk or larger-value affairs as a means to assist in uncovering valuation issues."
In addition to adapting our work to the processes and guidelines of our review customers, there are four Fannie Mae forms that are primarily used for review services, and we can 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 Nordquist Appraisal LLC, we are skilled in every type of appraisal review, review process and the requirements of review appraisers.
Nordquist Appraisal LLC is aware of what the biggest weaknesses are, especially in our real estate market. We also understand what constitutes a quality appraisal. We're also amply skilled to identify that our competition in our market are able 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 rely on us to fairly assess appraisal reports carried out by others. And those others could be examining our work, too!
In short, at Nordquist Appraisal LLC, you can have confidence in our neutral judgment, because we offer professional, objective, ethical appraisal review services for our clients. Contact Nordquist Appraisal LLC for more information about our qualifications, expertise and service offerings.