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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 it's the prudent for appraisers producing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." At MacDonald Residential Appraisal, we provide appraisal review services that are impartial, qualified, professional and compliant with the Federal Reserve's guidelines.The purpose of appraisal reviews are to ascertain: whether the original appraisal or evaluation is well-suited for the transaction, the risk inherit in the transaction, and whether the manner by which the property valuation is attained guarantees independence and quality. The review must also show whether the appraisal or evaluation report is in line with the engagement letter, which gives an account of the range of the appraisal assignment. The Fed also 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 adjusting our work to the procedures and guidelines of our review clients, there are four Fannie Mae forms that are usually used for review services, and we will produce 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 MacDonald Residential Appraisal, we're skilled in all forms of appraisal reviews, review practices and the responsibilities of review appraisers.
When you choose MacDonald Residential Appraisal, you can count on our neutral judgment, because we offer professional, impartial, ethical appraisal review services for our clients. Contact MacDonald Residential Appraisal for more information about our qualifications, expertise and services offered. |
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MacDonald Residential Appraisal realizes what the most prevalent report imperfections are, specifically in our housing market, as well as what constitutes a quality appraisal.
At the same time, we are proficient enough to recognize that the competitors in our market are capable of a fine job.
The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can trust MacDonald Residential Appraisal to ethically review appraisal reports carried out by others. And those others could be studying our work, too!