Qualified Appraisal Reviews by Cole Appraisal & Consulting, LLCAs stated in an announcement by the Federal Reserve (click here), "financial institutions must have an effective, independent real estate appraisal and evaluation program" and that appraisers engaged in reviews should "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Cole Appraisal & Consulting, LLC provides appraisal review services that are impartial, qualified, professional and compliant with the Federal Reserve's guidelines.
A review appraisal has to reveal: whether the original appraisal or evaluation is well-suited for the transaction, the liability inherit in the transaction, and whether the means by which the real estate valuation is acquired ensures independence and quality. They must also demonstrate whether the appraisal or evaluation report is true to the engagement letter, which gives an account of the scope of the appraisal assignment. The Fed states 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 clients, there are four Fannie Mae forms that are largely used for review services, and we'll 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 Cole Appraisal & Consulting, LLC, we are experienced in every kind of appraisal review, review practice and the requirements of review appraisers.
Cole Appraisal & Consulting, LLC understands what the most prevalent report imperfections are, particularly in our housing market, as well as what constitutes a quality appraisal. We're also sufficiently skilled to acknowledge that the competition in our market are skillful in doing quality work. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can trust us to justly examine appraisal reports carried out by others. And those others might be examining our work, too!
In short, at Cole Appraisal & Consulting, LLC, you can be sure of our independent judgment, because we offer professional, objective, ethical appraisal review services for our customers. Contact Cole Appraisal & Consulting, LLC to learn more about our qualifications, expertise and service offerings.