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Appraisal Reviews with Appraisal Pro GroupAs 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 appraisers fulfilling reviews have to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Appraisal Pro Group provides appraisal review services that are independent, qualified, professional and in line with the Federal Reserve's guidelines.A review appraisal should pursue: whether the original appraisal or evaluation is applicable for the transaction, the liability inherit in the transaction, and whether the manner by which the collateral valuation is attained guarantees independence and quality. In addition, they must signify whether the appraisal or evaluation report matches the engagement letter, which sets forth the capacity of the appraisal assignment. Lastly, the Federal Reserve also says 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 processes and guidelines of our review customers, there are four Fannie Mae forms that are typically used for review services, and we will produce an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At Appraisal Pro Group, we are qualified in all types of appraisal reviews, review processes and the responsibilities of review appraisers.
You can count on Appraisal Pro Group for our truthful judgment, because we offer professional, impartial, ethical appraisal review services for our clients. Contact Appraisal Pro Group to learn more about our qualifications, expertise and services offered. |
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We are aware of what the most prevalent report deficiencies are, especially in our housing market, as well as what makes a quality appraisal.
We're also experienced enough to admit that the competition in our market are capable of good work.
The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can count on Appraisal Pro Group to fairly assess appraisal reports carried out by others. And those others might be evaluating our work, too!