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Getting a second opinion on an appraisal
According to an announcement
by the Federal Reserve (click here), "financial institutions must have an effective, independent real estate appraisal and evaluation program" and that
appraisers undertaking reviews ought to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines."
The Appraisal Department, LLC provides appraisal review services that are independent, efficient, professional and in line with the Federal Reserve's guidelines.
A review appraisal has to verify: whether the original appraisal or evaluation is suitable for the transaction, the exposure inherit in the transaction, and whether the method by which the real estate valuation is obtained guarantees independence and quality.
In addition, they must denote whether the appraisal or evaluation report is true to the engagement letter, which describes the extent of the appraisal assignment.
The Federal Reserve goes on to say 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 procedures and guidelines of our review clients, there are four Fannie Mae forms that are primarily used for review services, and we'll prepare 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 Department, LLC, we are trained in every form of appraisal review, review process and the responsibilities of review appraisers.
The Appraisal Department, LLC understands what represents a quality appraisal and what the biggest errors are, particularly for reports in our local real estate market.
We're also experienced enough to realize that the competitors in our market are capable of quality work.
The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can rely on The Appraisal Department, LLC to fairly review appraisal reports done by others. And those others could be studying our work, too!
When you choose The Appraisal Department, LLC, you can rely on our honest judgment, because we offer professional, fair, ethical appraisal review services for our customers.
Contact The Appraisal Department, LLC for more information about our qualifications, expertise and service offerings.
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