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Appraisal ReviewsAs 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 it's the duty of appraisers fulfilling reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Lake Area Appraisal Firm provides appraisal review services that are objective, efficient, professional and square with the Federal Reserve's guidelines.The purpose of appraisal reviews are to find out: whether the original appraisal or evaluation is relevant for the transaction, the risk inherit in the transaction, and whether the processes by which the real estate valuation is attained guarantees independence and quality. In addition, they must announce whether the appraisal or evaluation report matches the letter of engagement, which describes the outlook of the appraisal assignment. Lastly, the Federal Reserve 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".
In addition to adapting our work to the practices and guidelines of our review clients, there are four Fannie Mae forms that are primarily used for review services, and we'll produce 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 Lake Area Appraisal Firm, we're trained in all types of appraisal reviews, review procedures and the obligations of review appraisers.
You can rely on Lake Area Appraisal Firm for our honest judgment, because we offer professional, fair, ethical appraisal review services for our customers. Contact Lake Area Appraisal Firm for more information regarding our qualifications, expertise and services offered. |
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We are familiar with what the most likely report imperfections are, particularly in our housing market, as well as what makes a quality appraisal.
At the same time, we're experienced enough to admit that our competition in our market are capable of doing a fine job.
The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can rely on Lake Area Appraisal Firm to lawfully look over appraisal reports done by others. And those others could be reviewing our work, too!