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Getting a second opinion on an appraisalAccording to 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 duty of appraisers doing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Coastal Appraisal, Inc provides appraisal review services that are unbiased, efficient, professional and compliant with the Federal Reserve's guidelines.A review appraisal should reveal: whether the original appraisal or evaluation is fitting for the transaction, the risk inherit in the transaction, and whether the manner by which the property valuation is rendered ensures independence and quality. They should also demonstrate whether the appraisal or evaluation report is consistent with the letter of engagement, which gives an account of the extent of the appraisal assignment. The Fed 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 conforming our work to the procedures and guidelines of our review customers, there are four Fannie Mae forms that are generally used for review services, and we will formulate 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 Coastal Appraisal, Inc, we're trained in every form of appraisal review, review practice and the requirements of review appraisers.
For professional, objective, ethical appraisal review services and honest judgments, you can depend on Coastal Appraisal, Inc. Contact us for more information regarding our qualifications, expertise and service offerings. |
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Coastal Appraisal, Inc understands what the biggest reporting imperfections are, especially in our home market. We also know what constitutes a quality appraisal.
At the same time, we're proficient enough to admit that the competitors in our market are capable of doing quality work.
The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can rely on Coastal Appraisal, Inc to fairly review appraisal reports executed by others. And those others could be examining our work, too!