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Appraisal Reviews with James Earp Appraisal Service
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 engaged in reviews must "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines."
Here at James Earp Appraisal Service, we provide appraisal review services that are independent, expert, professional and compliant with the Federal Reserve's guidelines.
The purpose of appraisal reviews are to determine: whether the original appraisal or evaluation is applicable for the transaction, the risk inherit in the transaction, and whether the manners by which the collateral valuation is accomplished guarantees independence and quality.
They must also denote whether the appraisal or evaluation report matches the letter of engagement, which describes the reach of the appraisal assignment.
The Fed goes on to say 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 have questions regarding an appraisal, or if you're in the need of a real estate appraisal review, call us today. |
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In addition to conforming 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'll 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 James Earp Appraisal Service, we are qualified in all types of appraisal reviews, review procedures and the requirements of review appraisers.
James Earp Appraisal Service is aware of what represents a quality appraisal and what the most common inadequacies are, specifically when it comes to our home market.
Concurrently, we're adequately trained to identify that the competition in our market are capable of doing quality work.
The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can count on us to lawfully valuate appraisal reports performed by others. And those others might be evaluating our work, too!
For professional, unbiased, ethical appraisal review services and independent judgments, you can rely on James Earp Appraisal Service.
Contact us for more information about our qualifications, expertise and service offerings.
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