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Competent Appraisal Reviews with Select Appraisal GroupAccording 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 doing reviews must "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Select Appraisal Group provides appraisal review services that are objective, efficient, professional and compliant with the Federal Reserve's guidelines.A review appraisal has to determine: whether the original appraisal or evaluation is relevant for the transaction, the risk inherit in the transaction, and whether the manners by which the collateral valuation is accomplished ensures independence and quality. In addition, they must indicate whether the appraisal or evaluation report matches the engagement letter, which describes the range of the appraisal assignment. Lastly, the Federal Reserve 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 adapting our work to the regulations and guidelines of our review customers, there are four Fannie Mae forms that are typically used for review services, and we can develop an appraisal review on any one of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At Select Appraisal Group, we're qualified in all kinds of appraisal reviews, review procedures and the obligations of review appraisers.
In short, when you choose Select Appraisal Group, you can rely on our honest judgment, because we offer professional, impartial, ethical appraisal review services for our customers. Contact Select Appraisal Group for more information about our qualifications, expertise and service offerings. |
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We understand what the most prevalent report deficiencies are, specifically in our housing market, as well as what makes a quality appraisal.
At the same time, we're skilled enough to distinguish that the competition in our market are skillful in doing a great job.
The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can trust us to objectively assess appraisal reports carried out by others. And those others may be examining our work, too!