Expert Appraisal Reviews by Witherell & Associates, Inc.
According to an announcement by the Federal Reserve, "financial institutions are obligated to have an effective, independent real estate appraisal and evaluation program," and that appraisers completing reviews should "have the familiarity and skills to determine compliance with the Federal Reserves appraisal rules and guidelines." If you need appraisal review services that are unbiased, qualified, professional and square with the Federal Reserve's regulations, just contact Witherell & Associates, Inc..
If you need a real estate appraisal review or have questions regarding an appraisal, call us today.
The Federal Reserve says appraisal reviews "have to verify whether the appraisal or evaluation is suitable for the transaction, the uncertainty of the transaction, and whether the practices by which the collateral valuation is attained guarantees independence and quality." They "must also announce whether the appraisal or evaluation report is compatible with the engagement letter, which describes the outlook of the appraisal assignment." Lastly, the Federal Reserve says that "some banks add regular reviews with post-funding surveys of appraisal quality for any of their high-liability or higher-value transactions as a control to help in identifying valuation problems."
In addition to tailoring our work to the regulations and guidelines of our review customers, there are four Fannie Mae forms that are usually 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. Here at Witherell & Associates, Inc., we are trained in all types of appraisal reviews, review procedures and the responsibilities of review appraisers.
We realize what the most prevalent weaknesses are, especially in our housing market, as well as what amounts to a quality appraisal. In the same regard, we are professional enough to acknowledge that the competition in our market are skillful in doing good work. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can count on Witherell & Associates, Inc. to fairly look over appraisal reports completed by others. And those others may be evaluating our work, too!
For professional, objective, ethical appraisal review services and neutral judgments, you can rely on Witherell & Associates, Inc.. Contact Witherell & Associates, Inc. to learn more about our qualifications, expertise and services offered.