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Getting a second opinion on an appraisal
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
it's the call of appraisers engaged in reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines."
Here at Turner Consulting and Evaluation, we provide appraisal review services that are independent, expert, professional and in line with the Federal Reserve's guidelines.
The purpose of appraisal reviews are to find out: whether the original appraisal or evaluation is suitable for the transaction, the exposure inherit in the transaction, and whether the process by which the real estate valuation is acquired ensures independence and quality.
Moreover, they must indicate whether the appraisal or evaluation report is consistent with the letter of engagement, which describes the range of the appraisal assignment.
The Fed also states 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 tailoring our work to the forms and guidelines of our review clients, there are four Fannie Mae forms that are generally used for review services, and we'll produce an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form.
At Turner Consulting and Evaluation, we are skilled in all forms of appraisal reviews, review practices and the requirements of review appraisers.
We know what the most prevalent report deficiencies are, especially in our housing market, as well as what amounts to a quality appraisal.
Concurrently, the professionals at Turner Consulting and Evaluation are amply skilled to know that the competition in our market are able to do good work.
The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can trust us to ethically examine appraisal reports done by others. And those others could be reviewing our work, too!
Here at Turner Consulting and Evaluation, you can have confidence in our truthful judgment, because we offer professional, fair, ethical appraisal review services for our clients.
Contact us regarding our qualifications, expertise and services offered.
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