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Savvy Appraisal Reviews with Haslett AppraisalAs 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 appraisers fulfilling reviews have to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Haslett Appraisal provides appraisal review services that are impartial, qualified, professional and in line with the Federal Reserve's regulations.The purpose of appraisal reviews are to reveal: whether the original appraisal or evaluation is fitting for the transaction, the exposure inherit in the transaction, and whether the processes by which the real estate valuation is acquired guarantees independence and quality. Moreover, they should signify whether the appraisal or evaluation report is consistent with the letter of engagement, which describes the scope of the appraisal assignment. Lastly, the Fed 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 coordinating our work to the processes and guidelines of our review customers, there are four Fannie Mae forms that are usually 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 Haslett Appraisal, we're skilled in every type of appraisal review, review process and the requirements of review appraisers.
In short, at Haslett Appraisal, you can have confidence in our independent judgment, because we offer professional, fair, ethical appraisal review services for our clients. Contact us for more information about our qualifications, expertise and services offered. |
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We understand what the most common report imperfections are, particularly in our real estate market, as well as what represents a quality appraisal.
We're also experienced enough to identify that our competition in our market are skillful in doing good work.
The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can trust us to lawfully study appraisal reports completed by others. And those others could be examining our work, too!