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Getting a second opinion on an appraisal
As said in 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 obligation of appraisers fulfilling reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines."
Rivers Appraisal Service provides appraisal review services that are objective, qualified, professional and in accordance with the Federal Reserve's rules.
A review appraisal has to ascertain: whether the original appraisal or evaluation is appropriate for the transaction, the risk inherit in the transaction, and whether the procedure by which the real estate valuation is obtained ensures independence and quality.
In addition, they should demonstrate whether the appraisal or evaluation report is consistent with the letter of engagement, which describes the outlook of the appraisal assignment.
Lastly, the Federal Reserve also states 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're in the need of a real estate appraisal review or have questions in reference to an appraisal, call us today. |
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In addition to adjusting our work to the processes and guidelines of our review clients, there are four Fannie Mae forms that are mostly used for review services, and we can 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 Rivers Appraisal Service, we're trained in all forms of appraisal reviews, review practices and the obligations of review appraisers.
We are familiar with what the greatest reporting defects are, especially in our home market. We also know what constitutes a quality appraisal.
At the same time, we're sufficiently skilled to know that our competition in our market are capable of doing quality work.
The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can trust Rivers Appraisal Service to fairly review appraisal reports done by others. And those others might be reviewing our work, too!
In short, here at Rivers Appraisal Service, you can rely on our honest judgment, because we offer professional, unbiased, ethical appraisal review services for our customers.
Contact Rivers Appraisal Service for more information regarding our qualifications, expertise and service offerings.
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