Experienced Appraisal Reviews with Colen & Associates
As said in a statement by the Federal Reserve, "financial institutions are obligated to have an effective, independent real estate appraisal and evaluation plan," and that appraisers completing reviews ought to "have the proficiency and skills to determine compliance with the Federal Reserves appraisal regulations and guidelines." Colen & Associates provides appraisal review services that are impartial, efficient, professional and in line with the Federal Reserve's regulations.
If you need a real estate appraisal review or have questions in reference to an appraisal, call us today.
The Federal Reserve says appraisal reviews "must conclude whether the appraisal or evaluation is applicable for the transaction, the risk of the transaction, and whether the processes by which the collateral valuation is accomplished ensures independence and quality." They "must also show whether the appraisal or evaluation report is true to the letter of engagement, which describes the outlook of the appraisal assignment." Lastly, the Federal Reserve states that "some institutions supplement regular reviews with post-funding assessments of appraisal quality for any of their high-liability or larger-value contracts as a means to help in revealing valuation problems."
In addition to coordinating our work to the procedures and guidelines of our review customers, there are four Fannie Mae forms that are primarily used for review services, and we'll 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 Colen & Associates, we're trained in every form of appraisal review, review procedure and the responsibilities of review appraisers.
We are aware of what the biggest defects are, especially in our real estate market, as well as what represents a quality appraisal. Concurrently, we're skilled enough to acknowledge that our competitors in our market are qualified to do good work. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can rely on Colen & Associates to fairly look over appraisal reports completed by others. And those others may be studying our work, too!
When you choose Colen & Associates, you can trust our honest judgment, because we offer professional, objective, ethical appraisal review services for our customers. Contact Colen & Associates at Colen & Associates to learn more about our qualifications, expertise and service offerings.