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Skilled Appraisal Reviews with 5 Star AppraisalsAccording to an announcement by the Federal Reserve (click here), "financial institutions must have an effective, independent real estate appraisal and evaluation program" and that it's the expectation of appraisers doing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." 5 Star Appraisals provides appraisal review services that are objective, expert, professional and compliant with the Federal Reserve's guidelines.The purpose of appraisal reviews are to determine: whether the original appraisal or evaluation is suitable for the transaction, the exposure inherit in the transaction, and whether the processes by which the real estate valuation is attained ensures independence and quality. Moreover, they must signify whether the appraisal or evaluation report matches the letter of engagement, which describes the extent 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 adapting our work to the regulations and guidelines of our review customers, there are four Fannie Mae forms that are largely used for review services, and we can 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 5 Star Appraisals, we're trained in all types of appraisal reviews, review procedures and the requirements of review appraisers.
For professional, impartial, ethical appraisal review services and neutral judgments, you can count on 5 Star Appraisals. Contact us for more information about our qualifications, expertise and services offered. |
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5 Star Appraisals knows what makes a quality appraisal and what the most prevalent deficiencies are, particularly in our home market.
In the same sense, we are skilled enough to identify that our competition in our market are skillful in doing good work.
The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can rely on 5 Star Appraisals to objectively assess appraisal reports completed by others. And those others may be examining our work, too!