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Getting a second opinion on an appraisalAccording to 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 responsibility of appraisers fulfilling reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Here at a la mode, inc., we provide appraisal review services that are objective, expert, professional and square with the Federal Reserve's regulations.A review appraisal should ascertain: whether the original appraisal or evaluation is suitable for the transaction, the liability inherit in the transaction, and whether the manner by which the collateral valuation is accomplished guarantees independence and quality. The review must also demonstrate whether the appraisal or evaluation report is in line with the engagement letter, which describes the extent of the appraisal assignment. Lastly, the Federal Reserve 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 coordinating our work to the processes and guidelines of our review clients, there are four Fannie Mae forms that are generally used for review services, and we can prepare 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 a la mode, inc., we are experienced in every kind of appraisal review, review practice and the responsibilities of review appraisers.
In short, at a la mode, inc., you can rely on our honest judgment, because we offer professional, unbiased, ethical appraisal review services for our clients. Contact us for more information regarding our qualifications, expertise and service offerings. |
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a la mode, inc. is aware of what the most prevalent reporting deficiencies are, particularly in our real estate market. We also understand what represents a quality appraisal.
At the same time, the professionals at a la mode, inc. are adequately experienced to realize that our competition in our market are skillful in doing quality work.
The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can trust a la mode, inc. to fairly assess appraisal reports executed by others. And those others could be studying our work, too!