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Getting a second opinion on an appraisal
As said in a statement
by the Federal Reserve (click here), "financial institutions must have an effective, independent real estate appraisal and evaluation program" and that
appraisers preparing reviews ought to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines."
Personal Service Realty's Residential Valuation Group provides appraisal review services that are impartial, qualified, professional and in line with the Federal Reserve's rules.
The purpose of appraisal reviews are to determine: whether the original appraisal or evaluation is appropriate for the transaction, the risk inherit in the transaction, and whether the processes by which the collateral valuation is accomplished guarantees independence and quality.
They must also indicate whether the appraisal or evaluation report matches the engagement letter, which gives an account of the range of the appraisal assignment.
The Fed 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".
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If you have questions in reference to an appraisal, or if you need a real estate appraisal review, contact us today. |
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In addition to tailoring our work to the processes and guidelines of our review customers, there are four Fannie Mae forms that are primarily used for review services, and we will prepare 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 Personal Service Realty's Residential Valuation Group, we are skilled in all forms of appraisal reviews, review processes and the responsibilities of review appraisers.
We are familiar with what the most common reporting weaknesses are, specifically in our housing market. We also understand what constitutes a quality appraisal.
The professionals at Personal Service Realty's Residential Valuation Group are also sufficiently trained to recognize that the competition in our market are capable of doing quality work.
The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can count on us to fairly review appraisal reports completed by others. And those others may be examining our work, too!
At Personal Service Realty's Residential Valuation Group, you can have confidence in our honest judgment, because we offer professional, unbiased, ethical appraisal review services for our clients.
Contact us to learn more about our qualifications, expertise and services offered.
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