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Getting a second opinion on an appraisal
As said 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 performing reviews must "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines."
At Integrity Appraisal Services , we provide appraisal review services that are objective, expert, professional and square with the Federal Reserve's rules.
The purpose of appraisal reviews are to determine: whether the original appraisal or evaluation is pertinent for the transaction, the liability inherit in the transaction, and whether the methods by which the property valuation is accomplished ensures independence and quality.
They should also announce whether the appraisal or evaluation report is true to the engagement letter, which sets forth the depth of the appraisal assignment.
The Fed also 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".
In addition to conforming our work to the practices and guidelines of our review customers, there are four Fannie Mae forms that are usually used for review services, and we will 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 Integrity Appraisal Services , we are trained in all forms of appraisal reviews, review processes and the obligations of review appraisers.
Integrity Appraisal Services knows what the most prevalent report defects are, especially in our home market, as well as what amounts to a quality appraisal.
The professionals at Integrity Appraisal Services are also amply skilled to realize that our competition in our market are capable of a good job.
The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can trust Integrity Appraisal Services to justly review appraisal reports executed by others. And those others could be reviewing our work, too!
Here at Integrity Appraisal Services , you can have confidence in our independent judgment, because we offer professional, impartial, ethical appraisal review services for our clients.
Contact us for more information about our qualifications, expertise and service offerings.
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