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Appraisal ReviewsAccording 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 prudent for appraisers preparing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Cheryl Clark provides appraisal review services that are independent, qualified, professional and compliant with the Federal Reserve's guidelines.The purpose of appraisal reviews are to verify: whether the original appraisal or evaluation is relevant for the transaction, the risk inherit in the transaction, and whether the process by which the real estate valuation is obtained guarantees independence and quality. They must also indicate whether the appraisal or evaluation report is compatible with the letter of engagement, which sets forth the extent of the appraisal assignment. Lastly, the Fed states 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 generally used for review services, and we can 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 Cheryl Clark, we are trained in all kinds of appraisal reviews, review processes and the requirements of review appraisers.
When you choose Cheryl Clark, you can be sure of our independent judgment, because we offer professional, unbiased, ethical appraisal review services for our customers. Contact Cheryl Clark for more information about our qualifications, expertise and services offered. |
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Cheryl Clark understands what the most likely report deficiencies are, particularly in our housing market, as well as what makes a quality appraisal.
In the same regard, we are professional enough to know that our competition in our market are capable of a good job.
The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can trust us to lawfully review appraisal reports executed by others. And those others may be examining our work, too!