As said in a statement by the Federal Reserve, "financial institutions are obligated to have an effective, unbiased real estate appraisal and evaluation program," and that appraisers completing reviews ought to "have the proficiency and skills to assess compliance with the Federal Reserves appraisal rules and guidelines." Red LLC provides appraisal review services that are impartial, efficient, professional and in line with the Federal Reserve's regulations.
If you have questions about an appraisal, or if you're in the need of a real estate appraisal review, contact Red LLC today.
The Federal Reserve says appraisal reviews "have to verify whether the appraisal or evaluation is suitable for the transaction, the danger of the transaction, and whether the means by which the collateral valuation is collected ensures independence and quality." They "should also denote whether the appraisal or evaluation report is true to the engagement letter, which gives an account of the extent of the appraisal assignment." The Federal Reserve also states that "some financial institutions reinforce periodic reviews with post-funding assessments of appraisal quality for a few of their high-risk or higher-value transactions as a channel to assist in addressing valuation dilemmas."
In addition to adjusting our work to the processes and guidelines of our review clients, there are four Fannie Mae forms that are widely used for review services, and we will prepare 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 Red LLC, we're qualified in every kind of appraisal review, review practice and the requirements of review appraisers.
Red LLC understands what the most frequent imperfections are, particularly in our housing market. We also understand what represents a quality appraisal. Concurrently, we're adequately experienced to identify that our competitors in our market are able to do good work. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can trust Red LLC to fairly examine appraisal reports performed by others. And those others could be reviewing our work, too!
In short, when you choose Red LLC, you can rely on our honest judgment, because we offer professional, objective, ethical appraisal review services for our customers. Contact Red LLC for more information about our qualifications, expertise and services offered.