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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
appraisers doing reviews have to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines."
ASAP Appraisal Services, Inc. provides appraisal review services that are independent, qualified, professional and square with the Federal Reserve's rules.
The purpose of appraisal reviews are to verify: whether the original appraisal or evaluation is relevant for the transaction, the risk inherit in the transaction, and whether the practices by which the collateral valuation is accomplished guarantees independence and quality.
In addition, they must signify whether the appraisal or evaluation report matches the engagement letter, which sets forth the extent of the appraisal assignment.
Lastly, the Federal Reserve 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 conforming our work to the processes and guidelines of our review customers, there are four Fannie Mae forms that are largely used for review services, and we will develop an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form.
At ASAP Appraisal Services, Inc., we are qualified in all types of appraisal reviews, review practices and the requirements of review appraisers.
We know what the most common report deficiencies are, particularly in our housing market, as well as what amounts to a quality appraisal.
In the same regard, we are experienced enough to recognize that the competition in our market are qualified to do good work.
The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can trust ASAP Appraisal Services, Inc. to ethically assess appraisal reports executed by others. And those others may be studying our work, too!
You can depend on ASAP Appraisal Services, Inc. for our neutral judgment, because we offer professional, unbiased, ethical appraisal review services for our customers.
Contact ASAP Appraisal Services, Inc. regarding our qualifications, expertise and services offered.
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