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Getting a second opinion on an appraisal
As stated in an announcement
by the Federal Reserve (click here), "financial institutions must have an effective, independent real estate appraisal and evaluation program" and that
appraisers doing reviews are compelled to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines."
The Marks Company provides appraisal review services that are objective, qualified, professional and compliant with the Federal Reserve's regulations.
The purpose of appraisal reviews are to determine: whether the original appraisal or evaluation is suitable for the transaction, the exposure inherit in the transaction, and whether the procedures by which the property valuation is acquired guarantees independence and quality.
The review should also demonstrate whether the appraisal or evaluation report matches the letter of engagement, which describes 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".
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If you need a real estate appraisal review or have questions about an appraisal, call The Marks Company today. |
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In addition to coordinating our work to the procedures and guidelines of our review clients, there are four Fannie Mae forms that are mostly 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 The Marks Company, we are experienced in every type of appraisal review, review practice and the obligations of review appraisers.
We understand what the most common reporting imperfections are, particularly in our housing market. We also know what amounts to a quality appraisal.
We're also experienced enough to distinguish that the competition in our market are skillful in doing a fine job.
The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can trust The Marks Company to ethically review appraisal reports done by others. And those others may be reviewing our work, too!
For professional, unbiased, ethical appraisal review services and neutral judgments, you can count on The Marks Company.
Contact us regarding our qualifications, expertise and services offered.
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