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Appraisal Reviews by North Metro Appraisal Service, Inc.As said in an announcement by the Federal Reserve (click here), "financial institutions must have an effective, independent real estate appraisal and evaluation program" and that it's the obligation of appraisers engaged in reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." North Metro Appraisal Service, Inc. provides appraisal review services that are objective, efficient, professional and in line with the Federal Reserve's regulations.The purpose of appraisal reviews are to ascertain: whether the original appraisal or evaluation is appropriate for the transaction, the risk inherit in the transaction, and whether the procedure by which the collateral valuation is attained guarantees independence and quality. In addition, they must show whether the appraisal or evaluation report is in line with the letter of engagement, which gives an account of the extent of the appraisal assignment. The Federal Reserve goes on to say that "some banks supplement routine reviews with post-funding evaluations of appraisal quality for some of their higher-risk or greater-value transactions as a control to assist in detecting 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 normally used for review services, and we will produce 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 North Metro Appraisal Service, Inc., we're trained in all types of appraisal reviews, review procedures and the requirements of review appraisers.
You can rely on North Metro Appraisal Service, Inc. for our independent judgment, because we offer professional, unbiased, ethical appraisal review services for our customers. Contact us for more information regarding our qualifications, expertise and service offerings. |
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We are aware of what the greatest reporting imperfections are, specifically in our home market. We also know what represents a quality appraisal.
The professionals at North Metro Appraisal Service, Inc. are also adequately skilled to respect that our competition in our market are capable of doing good work.
The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can rely on us to justly review appraisal reports done by others. And those others may be reviewing our work, too!