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Getting a second opinion on an appraisal
According 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 expectation of appraisers preparing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines."
Here at Walker & Associates, we provide appraisal review services that are independent, qualified, professional and square with the Federal Reserve's regulations.
The purpose of appraisal reviews are to pursue: whether the original appraisal or evaluation is appropriate for the transaction, the risk inherit in the transaction, and whether the process by which the real estate valuation is acquired ensures independence and quality.
Moreover, they should demonstrate whether the appraisal or evaluation report matches the engagement letter, which sets forth the outlook of the appraisal assignment.
Lastly, the Fed also 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".
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If you have questions in reference to an appraisal, or if you're in the need of a real estate appraisal review, call us today. |
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In addition to tailoring our work to the forms and guidelines of our review clients, there are four Fannie Mae forms that are usually used for review services, and we can 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 Walker & Associates, we're skilled in all types of appraisal reviews, review processes and the responsibilities of review appraisers.
Walker & Associates is aware of what amounts to a quality appraisal and what the biggest deficiencies are, specifically in our home market.
We're also skilled enough to distinguish that our competitors in our market are able to do quality work.
The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can trust us to lawfully study appraisal reports performed by others. And those others may be examining our work, too!
For professional, impartial, ethical appraisal review services and honest judgments, you can rely on Walker & Associates.
Contact Walker & Associates for more information regarding our qualifications, expertise and service offerings.
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