Passage Appraisal, LLC Appraisal Reviews
According to a statement by the Federal Reserve, "financial institutions are required to have an effective, independent real estate appraisal and evaluation plan," and that appraisers completing reviews have to "have the ability and expertise to assess compliance with the Federal Reserves appraisal rules and guidelines." At Passage Appraisal, LLC, we provide appraisal review services that are objective, qualified, professional and in accordance with the Federal Reserve's rules.
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.
According to the Federal Reserve, appraisal reviews "ought to determine whether the appraisal or evaluation is well-suited for the transaction, the liability of the transaction, and whether the actions by which the collateral valuation is collected guarantees independence and quality." Moreover, they "should announce whether the appraisal or evaluation report matches the letter of engagement, which gives an account of the scope of the appraisal assignment." The Federal Reserve also notes that "some financial institutions reinforce routine reviews with post-funding surveys of appraisal quality for a few of their higher-liability or high-value contracts as a channel to help in discovering valuation dilemmas."
In addition to coordinating our work to the forms and guidelines of our review customers, there are four Fannie Mae forms that are normally used for review services, and we can prepare an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At Passage Appraisal, LLC, we are skilled in every form of appraisal review, review process and the obligations of review appraisers.
Passage Appraisal, LLC knows what represents a quality appraisal and what the most common imperfections are, particularly in our home market. We're also amply skilled to know that the competitors in our market are able to do a fine job. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can count on us to objectively assess appraisal reports carried out by others. And those others may be studying our work, too!
For professional, impartial, ethical appraisal review services and truthful judgments, you can depend on Passage Appraisal, LLC. Contact us regarding our qualifications, expertise and services offered.