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Appraisal Reviews
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 duty of appraisers performing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines."
Bay Appraisals provides appraisal review services that are unbiased, qualified, professional and square with the Federal Reserve's rules.
The purpose of appraisal reviews are to ascertain: whether the original appraisal or evaluation is applicable for the transaction, the risk inherit in the transaction, and whether the manners by which the real estate valuation is rendered guarantees independence and quality.
They must also signify whether the appraisal or evaluation report is true to the letter of engagement, which describes the scope of the appraisal assignment.
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".
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If you're in the need of a real estate appraisal review or have questions about an appraisal, call us today. |
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In addition to adapting our work to the practices and guidelines of our review customers, there are four Fannie Mae forms that are primarily used for review services, and we'll prepare an appraisal review on any one of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form.
Here at Bay Appraisals, we are qualified in all types of appraisal reviews, review procedures and the requirements of review appraisers.
We are aware of what the most likely report inadequacies are, particularly in our housing market, as well as what represents a quality appraisal.
The professionals at Bay Appraisals are also experienced enough to respect that the competitors in our market are capable of doing good work.
The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can rely on us to objectively review appraisal reports done by others. And those others could be examining our work, too!
You can rely on Bay Appraisals for our independent judgment, because we offer professional, fair, ethical appraisal review services for our clients.
Contact Bay Appraisals for more information regarding our qualifications, expertise and services offered.
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