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Getting a second opinion on an appraisalAccording to 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." Dickson Appraisals provides appraisal review services that are objective, efficient, professional and compliant with the Federal Reserve's guidelines.The purpose of appraisal reviews are to pursue: whether the original appraisal or evaluation is applicable for the transaction, the exposure inherit in the transaction, and whether the method by which the property valuation is acquired ensures independence and quality. They should also demonstrate whether the appraisal or evaluation report matches the engagement letter, which sets forth the scope of the appraisal assignment. Lastly, the Fed states 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 conforming our work to the practices and guidelines of our review clients, there are four Fannie Mae forms that are typically used for review services, and we can formulate an appraisal review on any one of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At Dickson Appraisals, we're trained in all kinds of appraisal reviews, review processes and the requirements of review appraisers.
For professional, fair, ethical appraisal review services and neutral judgments, you can count on Dickson Appraisals. Contact Dickson Appraisals to learn more about our qualifications, expertise and service offerings. |
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Dickson Appraisals realizes what amounts to a quality appraisal and what the most prevalent errors are, especially when it comes to our home market.
In the same sense, we're professional enough to identify that our competition in our market are skillful in doing a fine 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 ethically assess appraisal reports done by others. And those others could be reviewing our work, too!