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Getting a second opinion on an appraisalAs 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 appraisers fulfilling reviews should "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." a la mode, inc. - tjhliveapprent provides appraisal review services that are objective, expert, professional and in line with the Federal Reserve's regulations.A review appraisal should find out: whether the original appraisal or evaluation is well-suited for the transaction, the exposure inherit in the transaction, and whether the actions by which the real estate valuation is accomplished guarantees independence and quality. In addition, they must denote whether the appraisal or evaluation report is true to the engagement letter, which gives an account of the outlook of the appraisal assignment. The Fed 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 regulations and guidelines of our review customers, there are four Fannie Mae forms that are mostly used for review services, and we will prepare an appraisal review on any one of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At a la mode, inc. - tjhliveapprent, we're experienced in all types of appraisal reviews, review procedures and the requirements of review appraisers.
For professional, unbiased, ethical appraisal review services and honest judgments, you can count on a la mode, inc. - tjhliveapprent. Contact us regarding our qualifications, expertise and services offered. |
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We're aware of what the most common report defects are, particularly in our real estate market, as well as what makes a quality appraisal.
We're also trained enough to know that our competitors in our market are able to do a great job.
The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can rely on us to ethically study appraisal reports completed by others. And those others could be studying our work, too!