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Getting a second opinion on an appraisalAs 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 responsibility of appraisers engaged in reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Michael Boyer Appraisal Service provides appraisal review services that are independent, expert, professional and in accordance with the Federal Reserve's rules.A review appraisal has to determine: whether the original appraisal or evaluation is applicable for the transaction, the liability inherit in the transaction, and whether the practices by which the real estate valuation is obtained guarantees independence and quality. They must also indicate whether the appraisal or evaluation report matches the letter of engagement, which gives an account of the extent 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 tailoring our work to the processes and guidelines of our review clients, there are four Fannie Mae forms that are mostly used for review services, and we will produce 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 Michael Boyer Appraisal Service, we are trained in all kinds of appraisal reviews, review processes and the responsibilities of review appraisers.
For professional, unbiased, ethical appraisal review services and honest judgments, you can count on Michael Boyer Appraisal Service. Contact us to learn more about our qualifications, expertise and services offered. |
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We're aware of what constitutes a quality appraisal and what the most common errors are, specifically in our home market.
In the same sense, we're skilled enough to identify that our competition in our market are capable of doing a good job.
The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can count on Michael Boyer Appraisal Service to ethically review appraisal reports completed by others. And those others might be reviewing our work, too!