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Skilled Appraisal Reviews by LA AppraisalsAccording 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 duty of appraisers undertaking reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." LA Appraisals provides appraisal review services that are objective, efficient, professional and in accordance with the Federal Reserve's rules.The purpose of appraisal reviews are to detect: whether the original appraisal or evaluation is pertinent for the transaction, the risk inherit in the transaction, and whether the manner by which the collateral valuation is accomplished guarantees independence and quality. In addition, they must announce whether the appraisal or evaluation report is consistent with the letter of engagement, which gives an account of the range 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 adjusting our work to the processes and guidelines of our review clients, there are four Fannie Mae forms that are usually used for review services, and we will produce 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 LA Appraisals, we're skilled in every form of appraisal review, review procedure and the requirements of review appraisers.
When you choose LA Appraisals, you can have confidence in our truthful judgment, because we offer professional, fair, ethical appraisal review services for our clients. Contact LA Appraisals for more information about our qualifications, expertise and service offerings. |
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LA Appraisals understands what represents a quality appraisal and what the biggest defects are, especially in our home market.
The professionals at LA Appraisals are also adequately trained to identify that our competition in our market are capable of doing a good job.
The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can trust LA Appraisals to lawfully look over appraisal reports carried out by others. And those others could be reviewing our work, too!