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Qualified Appraisal Reviews with Professional Appraisal ServicesAccording to a statement by the Federal Reserve (click here), "financial institutions must have an effective, independent real estate appraisal and evaluation program" and that it's the duty of appraisers engaged in reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." At Professional Appraisal Services, we provide appraisal review services that are independent, qualified, 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 fitting for the transaction, the exposure inherit in the transaction, and whether the practices by which the real estate valuation is obtained guarantees independence and quality. They must also announce whether the appraisal or evaluation report is in line with the engagement letter, which describes the depth of the appraisal assignment. The Fed says 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 practices and guidelines of our review customers, there are four Fannie Mae forms that are normally used for review services, and we can 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 Professional Appraisal Services, we are experienced in all kinds of appraisal reviews, review practices and the responsibilities of review appraisers.
In short, here at Professional Appraisal Services, you can trust our honest judgment, because we offer professional, objective, ethical appraisal review services for our clients. Contact Professional Appraisal Services for more information about our qualifications, expertise and services offered. |
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We are familiar with what amounts to a quality appraisal and what the most frequent deficiencies are, particularly when it comes to our local real estate market.
At the same time, we're trained enough to know that our competition in our market are skillful in doing a fine job.
The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can count on Professional Appraisal Services to lawfully assess appraisal reports done by others. And those others could be reviewing our work, too!