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Quality Appraisal Reviews by Grace and Sons 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 producing reviews ought to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Grace and Sons Appraisal provides appraisal review services that are unbiased, expert, professional and square with the Federal Reserve's guidelines.A review appraisal has to ascertain: whether the original appraisal or evaluation is relevant for the transaction, the risk inherit in the transaction, and whether the procedure by which the real estate valuation is acquired ensures independence and quality. In addition, they must signify whether the appraisal or evaluation report is in line with the letter of engagement, which sets forth the scope of the appraisal assignment. The Federal Reserve 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 practices and guidelines of our review clients, there are four Fannie Mae forms that are primarily used for review services, and we'll produce an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. Here at Grace and Sons Appraisal, we're experienced in all forms of appraisal reviews, review processes and the obligations of review appraisers.
You can count on Grace and Sons Appraisal for our independent judgment, because we offer professional, fair, ethical appraisal review services for our customers. Contact Grace and Sons Appraisal for more information about our qualifications, expertise and service offerings. |
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We are familiar with what the most common report weaknesses are, specifically in our housing market, as well as what makes a quality appraisal.
The professionals at Grace and Sons Appraisal are also amply skilled to recognize that our competitors in our market are skillful in doing a great job.
The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can trust us to objectively look over appraisal reports executed by others. And those others might be reviewing our work, too!