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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 appraisers completing reviews should "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." The Warren Agency provides appraisal review services that are impartial, qualified, professional and in line with the Federal Reserve's regulations.The purpose of appraisal reviews are to ascertain: whether the original appraisal or evaluation is suitable for the transaction, the exposure inherit in the transaction, and whether the procedures by which the collateral valuation is accomplished ensures independence and quality. Moreover, they must indicate whether the appraisal or evaluation report is true to the engagement letter, which gives an account of the scope of the appraisal assignment. 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".
In addition to coordinating our work to the regulations and guidelines of our review customers, there are four Fannie Mae forms that are widely used for review services, and we will develop 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 The Warren Agency, we're experienced in every kind of appraisal review, review process and the obligations of review appraisers.
In short, here at The Warren Agency, you can be sure of our truthful judgment, because we offer professional, objective, ethical appraisal review services for our customers. Contact us to learn more about our qualifications, expertise and service offerings. |
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We are aware of what represents a quality appraisal and what the most frequent inadequacies are, particularly for reports in our home market.
At the same time, we're professional enough to realize that the competition in our market are able to do a good job.
The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can rely on us to justly study appraisal reports completed by others. And those others could be studying our work, too!