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Quality Appraisal Reviews by Academy Appraisal, Inc.As 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 it's the expectation of appraisers engaged in reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Here at Academy Appraisal, Inc. , we provide appraisal review services that are impartial, efficient, professional and in accordance with the Federal Reserve's guidelines.
The purpose of appraisal reviews are to pursue: whether the original appraisal or evaluation is well-suited for the transaction, the exposure inherit in the transaction, and whether the practices by which the real estate valuation is attained ensures independence and quality. The review must also demonstrate whether the appraisal or evaluation report is in line with the letter of engagement, which gives an account of the scope of the appraisal assignment. Lastly, the Fed also 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 processes and guidelines of our review clients, there are four Fannie Mae forms that are usually used for review services, and we can prepare an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At Academy Appraisal, Inc. , we're experienced in every kind of appraisal review, review procedure and the requirements of review appraisers.
You can trust Academy Appraisal, Inc. for our independent judgment, because we offer professional, objective, ethical appraisal review services for our clients. Contact Academy Appraisal, Inc. regarding our qualifications, expertise and service offerings. |
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Academy Appraisal, Inc. knows what the most prevalent report weaknesses are, specifically in our real estate market, as well as what makes a quality appraisal.
In the same regard, we're amply experienced to distinguish that our competitors in our market are qualified to do good work.
The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can trust Academy Appraisal, Inc. to fairly evaluate appraisal reports executed by others. And those others could be studying our work, too!