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Appraisal Reviews with Allred Certified AppraisalsAs 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 fulfilling reviews should "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Allred Certified Appraisals provides appraisal review services that are unbiased, expert, professional and square with the Federal Reserve's rules.The purpose of appraisal reviews are to ascertain: whether the original appraisal or evaluation is applicable for the transaction, the risk inherit in the transaction, and whether the practices by which the property valuation is obtained guarantees independence and quality. They should also denote whether the appraisal or evaluation report matches the engagement letter, which gives an account of the extent of the appraisal assignment. The Fed 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 adapting our work to the procedures and guidelines of our review customers, there are four Fannie Mae forms that are primarily used for review services, and we will 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 Allred Certified Appraisals, we are skilled in every type of appraisal review, review process and the responsibilities of review appraisers.
You can rely on Allred Certified Appraisals for our independent judgment, because we offer professional, impartial, ethical appraisal review services for our customers. Contact Allred Certified Appraisals regarding our qualifications, expertise and service offerings. |
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Allred Certified Appraisals knows what the most prevalent reporting inadequacies are, particularly in our real estate market. We also know what constitutes a quality appraisal.
We're also sufficiently trained to know that the competitors in our market are capable of quality work.
The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can trust us to objectively assess appraisal reports carried out by others. And those others may be reviewing our work, too!