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Getting a second opinion on an appraisalAs said in an announcement by the Federal Reserve (click here), "financial institutions must have an effective, independent real estate appraisal and evaluation program" and that appraisers completing reviews have to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Here at Keim Appraisals, we provide appraisal review services that are unbiased, efficient, professional and in accordance with the Federal Reserve's rules.The purpose of appraisal reviews are to find out: whether the original appraisal or evaluation is fitting for the transaction, the exposure inherit in the transaction, and whether the method by which the property valuation is accomplished guarantees independence and quality. Moreover, they should indicate whether the appraisal or evaluation report is consistent with the letter of engagement, which sets forth the extent of the appraisal assignment. The Fed 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 customers, there are four Fannie Mae forms that are generally used for review services, and we'll 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 Keim Appraisals, we're skilled in every kind of appraisal review, review procedure and the responsibilities of review appraisers.
You can depend on Keim Appraisals for our neutral judgment, because we offer professional, fair, ethical appraisal review services for our clients. Contact Keim Appraisals for more information about our qualifications, expertise and service offerings. |
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Keim Appraisals is aware of what the typical report defects are, especially in our housing market, as well as what represents a quality appraisal.
The professionals at Keim Appraisals are also skilled enough to admit that the competition in our market are able to do a fine job.
The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can trust Keim Appraisals to lawfully examine appraisal reports carried out by others. And those others might be reviewing our work, too!