As stated in an announcement by the Federal Reserve, "financial institutions are required to have effective, unbiased real estate appraisal and evaluation procedures," and that appraisers doing reviews must "have the proficiency and skillfulness to assess compliance with the Federal Reserves appraisal rules and guidelines." The August Group Inc. provides appraisal review services that are objective, expert, professional and in accordance with the Federal Reserve's guidelines.
If you have questions in reference to an appraisal, or if you need a real estate appraisal review, call The August Group Inc. today.
As stated by the Federal Reserve, appraisal reviews "must conclude whether the appraisal or evaluation is pertinent for the transaction, the uncertainty of the transaction, and whether the means by which the collateral valuation is obtained ensures independence and quality." They "must also indicate whether the appraisal or evaluation report is compatible with the letter of engagement, which describes the scope of the appraisal assignment." Last, The Federal Reserve notes that "some banks augment routine reviews with post-funding surveys of appraisal quality for some of their higher-liability or higher-value dealings as a channel to assist in addressing valuation issues."
In addition to adapting 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 prepare an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At The August Group Inc., we are skilled in all types of appraisal reviews, review practices and the responsibilities of review appraisers.
We are aware of what the most prevalent imperfections are, particularly in our housing market, as well as what represents a quality appraisal. In the same regard, the professionals at The August Group Inc. are adequately experienced to know that the competition in our market are capable of doing good work. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can count on The August Group Inc. to ethically examine appraisal reports carried out by others. And those others may be examining our work, too!
You can count on The August Group Inc. for our neutral judgment, because we offer professional, objective, ethical appraisal review services for our customers. Contact The August Group Inc. for more information regarding our qualifications, expertise and services offered.