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Getting a second opinion on an appraisal
According to 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 prudent for appraisers fulfilling reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines."
At Appraising Greater Orlando, Inc., we provide appraisal review services that are independent, efficient, professional and compliant with the Federal Reserve's rules.
The purpose of appraisal reviews are to detect: whether the original appraisal or evaluation is suitable for the transaction, the liability inherit in the transaction, and whether the manner by which the property valuation is attained guarantees independence and quality.
They should also announce whether the appraisal or evaluation report is in line with the letter of engagement, which gives an account of the reach of the appraisal assignment.
The Fed 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".
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If you have questions regarding an appraisal, or if you're in the need of a real estate appraisal review, call us today. |
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In addition to adjusting our work to the regulations and guidelines of our review clients, 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 Appraising Greater Orlando, Inc., we are skilled in every type of appraisal review, review process and the obligations of review appraisers.
We are aware of what amounts to a quality appraisal and what the most common defects are, specifically for reports in our home market.
In this regard, we're sufficiently trained to realize that the competition in our market are capable of a great job.
The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can count on Appraising Greater Orlando, Inc. to fairly look over appraisal reports executed by others. And those others could be examining our work, too!
Here at Appraising Greater Orlando, Inc., you can rely on our independent judgment, because we offer professional, fair, ethical appraisal review services for our customers.
Contact Appraising Greater Orlando, Inc. for more information regarding our qualifications, expertise and service offerings.
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