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Appraisal Reviews by Norcal-AppraisersAccording to a statement by the Federal Reserve (click here), "financial institutions must have an effective, independent real estate appraisal and evaluation program" and that it's the expectation of appraisers preparing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." At Norcal-Appraisers, we provide appraisal review services that are unbiased, expert, professional and in accordance with the Federal Reserve's guidelines.The purpose of appraisal reviews are to find out: whether the original appraisal or evaluation is relevant for the transaction, the risk inherit in the transaction, and whether the manner by which the property valuation is obtained guarantees independence and quality. Moreover, they must show whether the appraisal or evaluation report matches the engagement letter, which describes the capacity of the appraisal assignment. Lastly, the Federal Reserve says 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 adjusting our work to the processes and guidelines of our review clients, there are four Fannie Mae forms that are usually used for review services, and we can develop 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 Norcal-Appraisers, we're qualified in all types of appraisal reviews, review procedures and the obligations of review appraisers.
For professional, fair, ethical appraisal review services and truthful judgments, you can count on Norcal-Appraisers. Contact us for more information about our qualifications, expertise and service offerings. |
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Norcal-Appraisers knows what the most frequent report deficiencies are, particularly in our housing market, as well as what represents a quality appraisal.
The professionals at Norcal-Appraisers are also skilled enough to recognize that our competitors in our market are qualified to do a fine job.
The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can rely on Norcal-Appraisers to lawfully valuate appraisal reports carried out by others. And those others might be examining our work, too!