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Savvy Appraisal Reviews with Driver & Associates Appraisal ServicesAccording to an announcement by the Federal Reserve (click here), "financial institutions must have an effective, independent real estate appraisal and evaluation program" and that it's the call of appraisers undertaking reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." At Driver & Associates Appraisal Services, we provide appraisal review services that are objective, efficient, professional and in accordance with the Federal Reserve's guidelines.The purpose of appraisal reviews are to detect: whether the original appraisal or evaluation is suitable for the transaction, the exposure inherit in the transaction, and whether the practices by which the collateral valuation is accomplished ensures independence and quality. In addition, they should denote whether the appraisal or evaluation report is compatible with the engagement letter, which gives an account of the outlook of the appraisal assignment. The Federal Reserve also 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".
In addition to coordinating our work to the procedures and guidelines of our review customers, there are four Fannie Mae forms that are largely used for review services, and we'll formulate an appraisal review on any one of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At Driver & Associates Appraisal Services, we're experienced in all forms of appraisal reviews, review processes and the requirements of review appraisers.
For professional, fair, ethical appraisal review services and independent judgments, you can count on Driver & Associates Appraisal Services. Contact us to learn more about our qualifications, expertise and service offerings. |
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Driver & Associates Appraisal Services understands what the most frequent report defects are, especially in our housing market, as well as what makes a quality appraisal.
We're also experienced enough to acknowledge that our competition in our market are capable of good work.
The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can rely on us to fairly valuate appraisal reports done by others. And those others might be evaluating our work, too!