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Getting a second opinion on an appraisal
As stated in 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 obligation of appraisers fulfilling reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines."
Stanley Michael & Associates provides appraisal review services that are unbiased, efficient, professional and in line with the Federal Reserve's guidelines.
A review appraisal should find out: whether the original appraisal or evaluation is appropriate for the transaction, the risk inherit in the transaction, and whether the process by which the collateral valuation is rendered ensures independence and quality.
In addition, they should denote whether the appraisal or evaluation report is in line with the engagement letter, which describes the capacity 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".
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If you need a real estate appraisal review or have questions in reference to an appraisal, contact us today. |
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In addition to tailoring our work to the regulations and guidelines of our review customers, 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.
Here at Stanley Michael & Associates, we're skilled in every type of appraisal review, review procedure and the requirements of review appraisers.
Stanley Michael & Associates realizes what the most frequent reporting defects are, particularly in our home market. We also understand what constitutes a quality appraisal.
In the same regard, we are experienced enough to recognize that the competitors in our market are able to do good work.
The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can rely on us to ethically valuate appraisal reports executed by others. And those others could be reviewing our work, too!
You can trust Stanley Michael & Associates for our neutral judgment, because we offer professional, unbiased, ethical appraisal review services for our clients.
Contact Stanley Michael & Associates for more information about our qualifications, expertise and service offerings.
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