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Getting a second opinion on an appraisalAs said in 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 ought to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Arkansas Real Estate Appraisal Professional Inc. provides appraisal review services that are objective, expert, professional and in accordance with the Federal Reserve's rules.The purpose of appraisal reviews are to verify: whether the original appraisal or evaluation is applicable for the transaction, the liability inherit in the transaction, and whether the manner by which the collateral valuation is accomplished guarantees independence and quality. The review must also show whether the appraisal or evaluation report is compatible with the letter of engagement, which describes the reach of the appraisal assignment. The Fed also 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 tailoring our work to the regulations and guidelines of our review customers, there are four Fannie Mae forms that are normally used for review services, and we can develop an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At Arkansas Real Estate Appraisal Professional Inc., we are trained in every form of appraisal review, review process and the requirements of review appraisers.
You can count on Arkansas Real Estate Appraisal Professional Inc. for our independent judgment, because we offer professional, objective, ethical appraisal review services for our clients. Contact us for more information about our qualifications, expertise and service offerings. |
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We realize what the most prevalent report inadequacies are, especially in our housing market, as well as what represents a quality appraisal.
In this regard, we're experienced enough to recognize that the competition in our market are able to do a fine job.
The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can count on Arkansas Real Estate Appraisal Professional Inc. to fairly valuate appraisal reports performed by others. And those others might be evaluating our work, too!