According to an announcement by the Federal Reserve, "financial institutions must have effective, objective real estate appraisal and evaluation procedures," and that appraisers completing reviews are obligated to "have the ability and expertise to evaluate compliance with the Federal Reserves appraisal regulations and guidelines." For appraisal review services that are independent, expert, professional and compliant with the Federal Reserve's rules, look no further than Nordquist Appraisal LLC.
If you're in the need of a real estate appraisal review or have questions about an appraisal, contact Nordquist Appraisal LLC today.
Appraisal reviews "ought to determine whether the appraisal or evaluation is applicable for the transaction, the uncertainty of the transaction, and whether the manners by which the collateral valuation is collected guarantees independence and quality," as stated by the Federal Reserve. In addition, they "must indicate whether the appraisal or evaluation report is consistent with the letter of engagement, which gives an account of the range of the appraisal assignment." Lastly, the Federal Reserve states that "some financial institutions augment regular reviews with post-funding surveys of appraisal quality for a number of their higher-risk or larger-value contracts as a means to assist in detecting valuation issues."
In addition to adjusting our work to the practices and guidelines of our review customers, there are four Fannie Mae forms that are usually used for review services, and we will 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 qualified in every type of appraisal review, review process and the requirements of review appraisers.
We're aware of what the most frequent weaknesses are, particularly in our home market, as well as what represents a quality appraisal. We're also experienced enough to admit that the competition in our market are able to do a great job. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can trust Nordquist Appraisal LLC to justly evaluate appraisal reports done by others. And those others may be evaluating our work, too!
For professional, unbiased, ethical appraisal review services and truthful judgments, you can rely on Nordquist Appraisal LLC. Contact us to learn more about our qualifications, expertise and service offerings.