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Getting a second opinion on an appraisalAccording 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 preparing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." At Elite Appraisal Services, we provide appraisal review services that are objective, qualified, professional and compliant with the Federal Reserve's regulations.A review appraisal should detect: whether the original appraisal or evaluation is fitting for the transaction, the risk inherit in the transaction, and whether the procedure by which the collateral valuation is attained ensures independence and quality. In addition, they should denote whether the appraisal or evaluation report is compatible with the letter of engagement, which describes the scope of the appraisal assignment. Lastly, the Federal Reserve also notes 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 procedures and guidelines of our review customers, there are four Fannie Mae forms that are widely used for review services, and we will formulate 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 Elite Appraisal Services, we are skilled in all forms of appraisal reviews, review processes and the obligations of review appraisers.
When you choose Elite Appraisal Services, you can be sure of our truthful judgment, because we offer professional, impartial, ethical appraisal review services for our customers. Contact Elite Appraisal Services regarding our qualifications, expertise and services offered. |
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Elite Appraisal Services understands what constitutes a quality appraisal and what the biggest defects are, especially in our local housing market.
We're also skilled enough to identify that the competitors in our market are qualified to do good work.
The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can count on Elite Appraisal Services to objectively evaluate appraisal reports done by others. And those others could be studying our work, too!