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Quality Appraisal Reviews with Smith Appraisal Services, Inc.
According to a statement
by the Federal Reserve (click here), "financial institutions must have an effective, independent real estate appraisal and evaluation program" and that
appraisers undertaking reviews ought to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines."
Smith Appraisal Services, Inc. provides appraisal review services that are independent, qualified, professional and in line with the Federal Reserve's regulations.
The purpose of appraisal reviews are to reveal: whether the original appraisal or evaluation is applicable for the transaction, the liability inherit in the transaction, and whether the process by which the collateral valuation is rendered guarantees independence and quality.
In addition, they should demonstrate whether the appraisal or evaluation report is compatible with the engagement letter, which describes the capacity of the appraisal assignment.
The Federal Reserve 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".
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If you need a real estate appraisal review or have questions in reference to an appraisal, contact us today. |
In addition to adapting our work to the forms and guidelines of our review customers, there are four Fannie Mae forms that are primarily used for review services, and we'll formulate an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form.
At Smith Appraisal Services, Inc., we are experienced in every form of appraisal review, review practice and the obligations of review appraisers.
We are familiar with what the most common reporting defects are, specifically in our real estate market. We also know what represents a quality appraisal.
In the same regard, we are sufficiently skilled to respect that the competition in our market are able to do good work.
The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can count on Smith Appraisal Services, Inc. to ethically evaluate appraisal reports completed by others. And those others may be evaluating our work, too!
In short, when you choose Smith Appraisal Services, Inc., you can be sure of our independent judgment, because we offer professional, fair, ethical appraisal review services for our customers.
Contact Smith Appraisal Services, Inc. for more information about our qualifications, expertise and services offered.
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