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Getting a second opinion on an appraisal
As 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 doing reviews must "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines."
LRS & Associates provides appraisal review services that are objective, qualified, professional and in accordance with the Federal Reserve's regulations.
The purpose of appraisal reviews are to find out: whether the original appraisal or evaluation is appropriate for the transaction, the risk inherit in the transaction, and whether the practices by which the collateral valuation is acquired guarantees independence and quality.
The review should also signify whether the appraisal or evaluation report is in line with the letter of engagement, which sets forth the extent of the appraisal assignment.
Lastly, the Federal Reserve says 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".
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If you need a real estate appraisal review or have questions regarding an appraisal, call us today. |
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In addition to tailoring our work to the processes and guidelines of our review clients, there are four Fannie Mae forms that are largely used for review services, and we can develop 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 LRS & Associates, we are experienced in all kinds of appraisal reviews, review practices and the responsibilities of review appraisers.
LRS & Associates understands what the greatest reporting imperfections are, especially in our housing market. We also know what represents a quality appraisal.
In the same regard, we're professional enough to acknowledge that our competition in our market are skillful in doing a great job.
The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can trust us to ethically assess appraisal reports done by others. And those others might be reviewing our work, too!
You can trust LRS & Associates for our independent judgment, because we offer professional, impartial, ethical appraisal review services for our customers.
Contact LRS & Associates to learn more about our qualifications, expertise and service offerings.
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