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Getting a second opinion on an 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 doing reviews ought to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." San Diego Appraisal Company provides appraisal review services that are objective, expert, professional and in accordance with the Federal Reserve's regulations.
The purpose of appraisal reviews are to reveal: whether the original appraisal or evaluation is pertinent for the transaction, the liability inherit in the transaction, and whether the actions by which the collateral valuation is obtained ensures independence and quality. Moreover, they must indicate whether the appraisal or evaluation report is true to the letter of engagement, which sets forth the capacity of the appraisal assignment. Lastly, the Federal Reserve also goes on to say 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 practices and guidelines of our review customers, there are four Fannie Mae forms that are mostly used for review services, and we will develop 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 San Diego Appraisal Company, we're trained in every kind of appraisal review, review practice and the requirements of review appraisers.
When you choose San Diego Appraisal Company, you can be sure of our independent judgment, because we offer professional, unbiased, ethical appraisal review services for our clients. Contact San Diego Appraisal Company to learn more about our qualifications, expertise and service offerings. |
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We are familiar with what the most common reporting imperfections are, especially in our real estate market. We also know what amounts to a quality appraisal.
In this regard, we're amply trained to respect that the competition in our market are capable of doing a fine job.
The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can rely on San Diego Appraisal Company to ethically look over appraisal reports performed by others. And those others could be evaluating our work, too!