Appraisal Reviews with AMC Settlement ServicesAccording to a statement by the Federal Reserve (click here), "financial institutions must have an effective, independent real estate appraisal and evaluation program" and that appraisers doing reviews ought to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." AMC Settlement Services provides appraisal review services that are independent, expert, professional and square with the Federal Reserve's rules.
The purpose of appraisal reviews are to ascertain: whether the original appraisal or evaluation is suitable for the transaction, the exposure inherit in the transaction, and whether the methods by which the real estate valuation is rendered guarantees independence and quality. They should also denote whether the appraisal or evaluation report is in line with the engagement letter, which sets forth the range of the appraisal assignment. The Federal Reserve notes 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".
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In addition to conforming our work to the practices and guidelines of our review customers, there are four Fannie Mae forms that are normally used for review services, and we'll formulate an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. Here at AMC Settlement Services, we are trained in every type of appraisal review, review process and the requirements of review appraisers.
We know what the biggest reporting inadequacies are, particularly in our housing market. We also know what constitutes a quality appraisal. We're also trained enough to recognize that our competitors in our market are qualified to do a good job. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can rely on us to justly examine appraisal reports carried out by others. And those others could be evaluating our work, too!
Here at AMC Settlement Services, you can be sure of our truthful judgment, because we offer professional, fair, ethical appraisal review services for our customers. Contact AMC Settlement Services for more information about our qualifications, expertise and services offered.