|
ECL Real Estate Appraisals IncAppraisal ReviewsAccording to an announcement by the Federal Reserve (click here), "financial institutions must have an effective, independent real estate appraisal and evaluation program" and that appraisers preparing reviews have to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." ECL Real Estate Appraisals Inc provides appraisal review services that are objective, qualified, professional and in accordance with the Federal Reserve's rules.The purpose of appraisal reviews are to find out: whether the original appraisal or evaluation is appropriate for the transaction, the liability inherit in the transaction, and whether the means by which the property valuation is accomplished guarantees independence and quality. In addition, they should indicate whether the appraisal or evaluation report is true to the letter of engagement, which describes the scope of the appraisal assignment. Lastly, the Fed also says 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 coordinating our work to the forms and guidelines of our review customers, there are four Fannie Mae forms that are usually used for review services, and we can produce an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At ECL Real Estate Appraisals Inc, we are skilled in every form of appraisal review, review process and the obligations of review appraisers.
For professional, impartial, ethical appraisal review services and truthful judgments, you can rely on ECL Real Estate Appraisals Inc. Contact us regarding our qualifications, expertise and services offered. |
|||||||||
We are familiar with what the typical report imperfections are, particularly in our real estate market, as well as what amounts to a quality appraisal. In the same regard, we're amply trained to know that our competition in our market are qualified to do a great job. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can count on us to objectively valuate appraisal reports carried out by others. And those others may be evaluating our work, too!