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Qualified Appraisal Reviews by Compass 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 appraisers preparing reviews are obligated to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Here at Compass Appraisal, we provide appraisal review services that are impartial, qualified, professional and square with the Federal Reserve's rules.The purpose of appraisal reviews are to reveal: whether the original appraisal or evaluation is fitting for the transaction, the liability inherit in the transaction, and whether the process by which the real estate valuation is attained guarantees independence and quality. The review should also denote whether the appraisal or evaluation report is consistent with the letter of engagement, which gives an account of the extent of the appraisal assignment. Lastly, the Federal Reserve notes 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 largely used for review services, and we can produce an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. Here at Compass Appraisal, we're skilled in all kinds of appraisal reviews, review practices and the responsibilities of review appraisers.
You can count on Compass Appraisal for our neutral judgment, because we offer professional, objective, ethical appraisal review services for our clients. Contact us regarding our qualifications, expertise and service offerings. |
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We are familiar with what the most likely report imperfections are, specifically in our housing market, as well as what constitutes a quality appraisal.
In the same regard, we are experienced enough to identify that the competition in our market are able to do a great job.
The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can rely on us to objectively valuate appraisal reports executed by others. And those others may be examining our work, too!