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Getting a second opinion on an appraisalAccording to an announcement by the Federal Reserve (click here), "financial institutions must have an effective, independent real estate appraisal and evaluation program" and that appraisers producing reviews must "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." At Western Trend Appraisal Group, we provide appraisal review services that are impartial, expert, professional and square with the Federal Reserve's guidelines.The purpose of appraisal reviews are to reveal: whether the original appraisal or evaluation is fitting for the transaction, the exposure inherit in the transaction, and whether the means by which the real estate valuation is rendered ensures independence and quality. In addition, they must announce whether the appraisal or evaluation report is in line with the engagement letter, which gives an account of the extent of the appraisal assignment. Lastly, the Fed also 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".
In addition to adjusting 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 Western Trend Appraisal Group, we're qualified in all types of appraisal reviews, review processes and the obligations of review appraisers.
Here at Western Trend Appraisal Group, you can have confidence in our independent judgment, because we offer professional, objective, ethical appraisal review services for our clients. Contact Western Trend Appraisal Group regarding our qualifications, expertise and service offerings. |
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We understand what the most common report deficiencies are, particularly in our housing market, as well as what amounts to a quality appraisal.
The professionals at Western Trend Appraisal Group are also sufficiently experienced to realize that our competition in our market are able to do a great job.
The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can rely on Western Trend Appraisal Group to ethically evaluate appraisal reports completed by others. And those others could be reviewing our work, too!