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Appraisal Reviews with Aspen Appraisal ServicesAs 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 producing reviews should "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." At Aspen Appraisal Services, we provide appraisal review services that are independent, efficient, professional and square with the Federal Reserve's rules.The purpose of appraisal reviews are to determine: whether the original appraisal or evaluation is relevant for the transaction, the risk inherit in the transaction, and whether the methods by which the property valuation is accomplished ensures independence and quality. The review should also indicate whether the appraisal or evaluation report is true to the engagement letter, which sets forth the depth of the appraisal assignment. Lastly, 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 conforming our work to the practices and guidelines of our review clients, there are four Fannie Mae forms that are largely used for review services, and we will produce 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 Aspen Appraisal Services, we are experienced in every kind of appraisal review, review practice and the requirements of review appraisers.
Here at Aspen Appraisal Services, you can have confidence in our neutral judgment, because we offer professional, impartial, ethical appraisal review services for our clients. Contact us for more information regarding our qualifications, expertise and service offerings. |
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We know what represents a quality appraisal and what the most common errors are, specifically when it comes to our local real estate market.
In the same sense, we're skilled enough to acknowledge that our competitors in our market are capable of a fine job.
The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can trust us to objectively valuate appraisal reports completed by others. And those others might be reviewing our work, too!