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Getting a second opinion on an appraisal
As stated 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 expectation of appraisers performing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines."
At Prestige Appraisal, we provide appraisal review services that are impartial, qualified, professional and in accordance with the Federal Reserve's regulations.
A review appraisal should reveal: whether the original appraisal or evaluation is relevant for the transaction, the exposure inherit in the transaction, and whether the procedure by which the property valuation is accomplished guarantees independence and quality.
The review should also demonstrate whether the appraisal or evaluation report matches the letter of engagement, which describes the range of the appraisal assignment.
The Fed 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".
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If you have questions in reference to an appraisal, or if you need a real estate appraisal review, call us today. |
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In addition to adjusting our work to the forms and guidelines of our review clients, there are four Fannie Mae forms that are normally used for review services, and we can produce 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 Prestige Appraisal, we are experienced in every kind of appraisal review, review procedure and the responsibilities of review appraisers.
Prestige Appraisal realizes what makes a quality appraisal and what the most common defects are, particularly in our local real estate market.
At the same time, we're sufficiently trained to know that the competition in our market are skillful in doing a great job.
The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can trust Prestige Appraisal to lawfully evaluate appraisal reports performed by others. And those others may be examining our work, too!
You can rely on Prestige Appraisal for our truthful judgment, because we offer professional, unbiased, ethical appraisal review services for our clients.
Contact Prestige Appraisal to learn more about our qualifications, expertise and services offered.
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