Quality Appraisal Reviews with NorthStar Realty Services
As said in an announcement by the Federal Reserve, "financial institutions are required to have effective, impartial real estate appraisal and evaluation programs," and that appraisers doing reviews have to "have the ability and skills to assess compliance with the Federal Reserves appraisal rules and guidelines." Here at NorthStar Realty Services, we provide appraisal review services that are unbiased, expert, professional and square with the Federal Reserve's regulations.
If you need a real estate appraisal review or have questions in reference to an appraisal, call us today.
Appraisal reviews "should decide whether the appraisal or evaluation is well-suited for the transaction, the liability of the transaction, and whether the practices by which the collateral valuation is obtained ensures independence and quality," according to the Federal Reserve. They "should also show whether the appraisal or evaluation report is compatible with the letter of engagement, which sets forth the range of the appraisal assignment." The Federal Reserve also notes that "some institutions supplement periodic reviews with post-funding assessments of appraisal quality for some of their higher-liability or large-value affairs as a channel to assist in discovering valuation complications."
In addition to tailoring our work to the processes and guidelines of our review clients, there are four Fannie Mae forms that are typically 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 NorthStar Realty Services, we're skilled in every kind of appraisal review, review procedure and the responsibilities of review appraisers.
We understand what the biggest defects are, particularly in our home market, as well as what represents a quality appraisal. We're also adequately trained 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 as well as appraisal reports, and you can rely on NorthStar Realty Services to justly assess appraisal reports completed by others. And those others might be evaluating our work, too!
In short, when you choose NorthStar Realty Services, you can rely on our independent judgment, because we offer professional, objective, ethical appraisal review services for our clients. Contact NorthStar Realty Services to learn more about our qualifications, expertise and service offerings.