Quality Appraisal Reviews with ARK Appraisal Services, LLCAs said in a statement 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 have to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." At ARK Appraisal Services, LLC, we provide appraisal review services that are impartial, efficient, professional and in line with the Federal Reserve's rules.
The purpose of appraisal reviews are to find out: whether the original appraisal or evaluation is pertinent for the transaction, the liability inherit in the transaction, and whether the manners by which the property valuation is attained guarantees independence and quality. They must also signify whether the appraisal or evaluation report is in line with the engagement letter, which describes the depth of the appraisal assignment. The Federal Reserve 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 processes and guidelines of our review customers, there are four Fannie Mae forms that are normally used for review services, and we can develop an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At ARK Appraisal Services, LLC, we are skilled in every type of appraisal review, review process and the requirements of review appraisers.
ARK Appraisal Services, LLC is aware of what amounts to a quality appraisal and what the most prevalent imperfections are, specifically for reports in our local housing market. At the same time, we are sufficiently trained to realize that our competitors in our market are able to do a fine job. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can rely on ARK Appraisal Services, LLC to objectively evaluate appraisal reports performed by others. And those others may be evaluating our work, too!
For professional, impartial, ethical appraisal review services and neutral judgments, you can count on ARK Appraisal Services, LLC. Contact ARK Appraisal Services, LLC for more information about our qualifications, expertise and service offerings.