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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 have to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." At Capital City Appraisal Services, we provide appraisal review services that are impartial, expert, professional and in accordance with the Federal Reserve's guidelines.A review appraisal has to determine: whether the original appraisal or evaluation is well-suited for the transaction, the exposure inherit in the transaction, and whether the methods by which the collateral valuation is obtained guarantees independence and quality. In addition, they must show whether the appraisal or evaluation report is true to the letter of engagement, which describes the scope 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".
In addition to adjusting our work to the forms and guidelines of our review customers, there are four Fannie Mae forms that are mostly used for review services, and we can produce an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. Here at Capital City Appraisal Services, we are skilled in all forms of appraisal reviews, review procedures and the requirements of review appraisers.
You can trust Capital City Appraisal Services for our independent judgment, because we offer professional, unbiased, ethical appraisal review services for our clients. Contact us to learn more about our qualifications, expertise and services offered. |
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We know what the most likely report imperfections are, particularly in our real estate market, as well as what represents a quality appraisal.
In this regard, we're amply skilled to respect that our competitors in our market are qualified to do a good job.
The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can rely on us to objectively look over appraisal reports completed by others. And those others might be examining our work, too!