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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 appraisers undertaking reviews should "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Here at Cornerstone Valuations, we provide appraisal review services that are objective, qualified, professional and in line with the Federal Reserve's guidelines.
The purpose of appraisal reviews are to detect: whether the original appraisal or evaluation is fitting for the transaction, the risk inherit in the transaction, and whether the practices by which the collateral valuation is obtained guarantees independence and quality. They must also show whether the appraisal or evaluation report is compatible with the engagement letter, which describes the range of the appraisal assignment. Lastly, the Fed 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 adapting our work to the regulations and guidelines of our review customers, there are four Fannie Mae forms that are mostly used for review services, and we will formulate 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 Cornerstone Valuations, we're skilled in every form of appraisal review, review process and the obligations of review appraisers.
You can trust Cornerstone Valuations for our independent judgment, because we offer professional, fair, ethical appraisal review services for our clients. Contact us regarding our qualifications, expertise and service offerings. |
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Cornerstone Valuations realizes what the most prevalent report deficiencies are, specifically in our home market, as well as what makes a quality appraisal.
The professionals at Cornerstone Valuations are also sufficiently trained to acknowledge that our competition in our market are capable of doing a great job.
The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can trust Cornerstone Valuations to lawfully examine appraisal reports done by others. And those others might be evaluating our work, too!