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Getting a second opinion on an appraisalAs stated 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 ought to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Here at Ford Appraisal Service, we provide appraisal review services that are unbiased, efficient, professional and in line with the Federal Reserve's rules.
A review appraisal has to detect: whether the original appraisal or evaluation is appropriate for the transaction, the exposure inherit in the transaction, and whether the manners by which the collateral valuation is rendered guarantees independence and quality. The review must also signify whether the appraisal or evaluation report is in line with the letter of engagement, which gives an account of the depth of the appraisal assignment. Lastly, the Federal Reserve also 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 adjusting our work to the regulations and guidelines of our review customers, there are four Fannie Mae forms that are largely used for review services, and we will 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 Ford Appraisal Service, we are trained in all forms of appraisal reviews, review practices and the obligations of review appraisers.
 We know what makes a quality appraisal and what the biggest inadequacies are, especially in our local real estate market. The professionals at Ford Appraisal Service are also experienced enough to admit that the competition in our market are able to do a fine job. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can trust us to fairly assess appraisal reports executed by others. And those others could be examining our work, too!
For professional, fair, ethical appraisal review services and independent judgments, you can count on Ford Appraisal Service. Contact Ford Appraisal Service for more information about our qualifications, expertise and services offered.
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