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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 preparing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Beta a la mode provides appraisal review services that are objective, qualified, 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 well-suited for the transaction, the exposure inherit in the transaction, and whether the process by which the real estate valuation is obtained guarantees independence and quality. The review should also signify whether the appraisal or evaluation report is in line with the letter of engagement, which describes the scope of the appraisal assignment. The Federal Reserve 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 adapting our work to the practices and guidelines of our review customers, there are four Fannie Mae forms that are typically used for review services, and we can produce 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 Beta a la mode, we are experienced in all forms of appraisal reviews, review processes and the requirements of review appraisers.
For professional, objective, ethical appraisal review services and honest judgments, you can count on Beta a la mode. Contact Beta a la mode regarding our qualifications, expertise and services offered. |
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We understand what the biggest reporting weaknesses are, specifically in our housing market. We also understand what represents a quality appraisal.
In this regard, we're trained enough to respect that the competitors in our market are capable of doing quality work.
The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can count on Beta a la mode to fairly study appraisal reports performed by others. And those others might be examining our work, too!