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Appraisal Reviews with Elias Salas, Jr.According to a statement by the Federal Reserve (click here), "financial institutions must have an effective, independent real estate appraisal and evaluation program" and that it's the prudent for appraisers completing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Elias Salas, Jr. provides appraisal review services that are impartial, efficient, professional and compliant with the Federal Reserve's guidelines.The purpose of appraisal reviews are to determine: whether the original appraisal or evaluation is well-suited for the transaction, the exposure inherit in the transaction, and whether the actions by which the property valuation is obtained ensures independence and quality. The review should also announce whether the appraisal or evaluation report is compatible with the engagement letter, which describes the depth of the appraisal assignment. The Fed also 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 tailoring our work to the forms and guidelines of our review customers, there are four Fannie Mae forms that are typically used for review services, and we will develop an appraisal review on any one of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. Here at Elias Salas, Jr., we're qualified in all types of appraisal reviews, review procedures and the requirements of review appraisers.
In short, when you choose Elias Salas, Jr., you can trust our truthful judgment, because we offer professional, impartial, ethical appraisal review services for our customers. Contact us for more information regarding our qualifications, expertise and service offerings. |
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We understand what the greatest reporting defects are, particularly in our home market. We also know what represents a quality appraisal.
In the same sense, the professionals at Elias Salas, Jr. are sufficiently experienced to distinguish that our competitors in our market are skillful in doing a great job.
The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can trust us to lawfully assess appraisal reports carried out by others. And those others might be reviewing our work, too!