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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 engaged in reviews have to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Sea Island Appraisal Company provides appraisal review services that are unbiased, qualified, professional and in line with the Federal Reserve's guidelines.The purpose of appraisal reviews are to verify: whether the original appraisal or evaluation is relevant for the transaction, the liability inherit in the transaction, and whether the processes by which the collateral valuation is attained guarantees independence and quality. The review should also denote whether the appraisal or evaluation report is true to the letter of engagement, which gives an account of the range of the appraisal assignment. The Federal Reserve 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 adapting 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 will formulate 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 Sea Island Appraisal Company, we are experienced in all kinds of appraisal reviews, review processes and the obligations of review appraisers.
For professional, objective, ethical appraisal review services and independent judgments, you can rely on Sea Island Appraisal Company. Contact us regarding our qualifications, expertise and service offerings. |
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Sea Island Appraisal Company knows what the most frequent report imperfections are, specifically in our home market, as well as what amounts to a quality appraisal.
The professionals at Sea Island Appraisal Company are also trained enough to acknowledge that the competition in our market are able to do a fine job.
The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can rely on us to fairly assess appraisal reports executed by others. And those others may be evaluating our work, too!