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Appraisal ReviewsAs 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 it's the call of appraisers completing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Real Estate Appraisal Solutions, Inc. provides appraisal review services that are independent, efficient, professional and in line with the Federal Reserve's rules.The purpose of appraisal reviews are to reveal: whether the original appraisal or evaluation is appropriate for the transaction, the risk inherit in the transaction, and whether the manners by which the property valuation is rendered ensures independence and quality. They should also announce whether the appraisal or evaluation report matches the letter of engagement, which describes the reach of the appraisal assignment. Lastly, the Fed also 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".
In addition to coordinating our work to the procedures and guidelines of our review customers, there are four Fannie Mae forms that are usually 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 Real Estate Appraisal Solutions, Inc., we're trained in every kind of appraisal review, review practice and the responsibilities of review appraisers.
In short, at Real Estate Appraisal Solutions, Inc., you can trust our honest judgment, because we offer professional, impartial, ethical appraisal review services for our customers. Contact us for more information regarding our qualifications, expertise and services offered. |
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We're aware of what constitutes a quality appraisal and what the greatest defects are, especially when it comes to our local real estate market.
In the same sense, we're skilled enough to know that our competition in our market are skillful in doing good work.
The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can trust Real Estate Appraisal Solutions, Inc. to objectively review appraisal reports completed by others. And those others could be examining our work, too!