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Appraisal Reviews by The Appraisal Firm
As stated in an announcement
by the Federal Reserve (click here), "financial institutions must have an effective, independent real estate appraisal and evaluation program" and that
appraisers producing reviews are compelled to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines."
The Appraisal Firm provides appraisal review services that are objective, qualified, professional and compliant with the Federal Reserve's regulations.
The purpose of appraisal reviews are to find out: whether the original appraisal or evaluation is well-suited for the transaction, the liability inherit in the transaction, and whether the procedure by which the real estate valuation is acquired guarantees independence and quality.
The review must also demonstrate whether the appraisal or evaluation report is true to the letter of engagement, which describes the extent of the appraisal assignment.
Lastly, the Fed 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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If you have questions regarding an appraisal, or if you're in the need of a real estate appraisal review, call The Appraisal Firm today. |
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In addition to adjusting our work to the forms and guidelines of our review clients, there are four Fannie Mae forms that are widely used for review services, and we'll 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 The Appraisal Firm, we're experienced in all forms of appraisal reviews, review practices and the requirements of review appraisers.
We know what amounts to a quality appraisal and what the most frequent defects are, specifically when it comes to our local housing market.
In the same sense, we are professional enough to acknowledge that our competition in our market are capable of doing good work.
The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can count on us to lawfully valuate appraisal reports completed by others. And those others could be examining our work, too!
In short, when you choose The Appraisal Firm, you can be sure of our neutral judgment, because we offer professional, objective, ethical appraisal review services for our clients.
Contact us for more information regarding our qualifications, expertise and service offerings.
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