Appraisal Reviews by Nordquist Appraisal LLC
According to a statement by the Federal Reserve, "financial institutions are obligated to have effective, independent real estate appraisal and evaluation programs," and that appraisers doing reviews should "have the knowledge and skillfulness to evaluate compliance with the Federal Reserves appraisal rules and guidelines." If you're looking for appraisal review services that are objective, qualified, professional and in accordance with the Federal Reserve's guidelines, just contact Nordquist Appraisal LLC.
If you're in the need of a real estate appraisal review or have questions in reference to an appraisal, contact us today.
The Federal Reserve says appraisal reviews "should determine whether the appraisal or evaluation is pertinent for the transaction, the danger of the transaction, and whether the processes by which the collateral valuation is acquired ensures independence and quality." They "should also show whether the appraisal or evaluation report is even with the letter of engagement, which gives an account of the capacity of the appraisal assignment." Lastly, the Federal Reserve notes that "some banks reinforce regular reviews with post-funding assessments of appraisal quality for any of their high-risk or high-value transactions as a way to help in addressing valuation problems."
In addition to adapting our work to the forms and guidelines of our review customers, there are four Fannie Mae forms that are usually used for review services, and we can produce 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're qualified in every form of appraisal review, review practice and the obligations of review appraisers.
We are familiar with what represents a quality appraisal and what the most common imperfections are, especially in our housing market. In the same sense, the professionals at Nordquist Appraisal LLC are sufficiently experienced to respect that our competitors in our market are able to do quality work. 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 look over appraisal reports done by others. And those others may be examining our work, too!
When you choose Nordquist Appraisal LLC, you can rely on our neutral judgment, because we offer professional, impartial, ethical appraisal review services for our clients. Contact Nordquist Appraisal LLC to learn more about our qualifications, expertise and service offerings.