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Getting a second opinion on an appraisalAs said in a statement 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 performing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Holt Appraisal Group provides appraisal review services that are objective, expert, professional and in line with the Federal Reserve's rules.The purpose of appraisal reviews are to find out: whether the original appraisal or evaluation is suitable for the transaction, the risk inherit in the transaction, and whether the method by which the collateral valuation is accomplished guarantees independence and quality. Moreover, they must show whether the appraisal or evaluation report is in line with the letter of engagement, which sets forth the range of the appraisal assignment. The Federal Reserve also goes on to say 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 forms and guidelines of our review clients, there are four Fannie Mae forms that are primarily used for review services, and we'll prepare an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At Holt Appraisal Group, we're skilled in all forms of appraisal reviews, review procedures and the responsibilities of review appraisers.
In short, at Holt Appraisal Group, you can trust our independent judgment, because we offer professional, impartial, ethical appraisal review services for our clients. Contact us to learn more about our qualifications, expertise and services offered. |
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We're aware of what the most frequent report imperfections are, specifically in our real estate market, as well as what represents a quality appraisal.
The professionals at Holt Appraisal Group are also experienced enough to realize that our competitors in our market are skillful in doing quality work.
The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can rely on us to fairly study appraisal reports done by others. And those others may be studying our work, too!