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Appraisal ReviewsAs said 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 duty of appraisers performing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." At Fitzgibbons & Associates, we provide appraisal review services that are unbiased, efficient, professional and square with the Federal Reserve's regulations.A review appraisal has to detect: whether the original appraisal or evaluation is fitting for the transaction, the liability inherit in the transaction, and whether the procedures by which the property valuation is rendered ensures independence and quality. The review should also denote whether the appraisal or evaluation report is in line with the engagement letter, which describes the depth of the appraisal assignment. Lastly, the Federal Reserve 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 coordinating our work to the regulations and guidelines of our review clients, there are four Fannie Mae forms that are usually 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 Fitzgibbons & Associates, we're qualified in every type of appraisal review, review practice and the requirements of review appraisers.
In short, when you choose Fitzgibbons & Associates, you can be sure of our neutral judgment, because we offer professional, objective, ethical appraisal review services for our clients. Contact Fitzgibbons & Associates regarding our qualifications, expertise and services offered. |
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We're aware of what the most prevalent report defects are, especially in our housing market, as well as what represents a quality appraisal.
We're also skilled enough to identify that the competitors in our market are able to do a fine job.
The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can count on Fitzgibbons & Associates to objectively assess appraisal reports done by others. And those others may be examining our work, too!