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Savvy Appraisal Reviews with Summit Appraisal ServicesAccording to a statement by the Federal Reserve (click here), "financial institutions must have an effective, independent real estate appraisal and evaluation program" and that appraisers preparing reviews ought to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." At Summit Appraisal Services, we provide appraisal review services that are objective, qualified, professional and in line with the Federal Reserve's rules.A review appraisal should reveal: whether the original appraisal or evaluation is applicable for the transaction, the risk inherit in the transaction, and whether the procedures by which the property valuation is obtained guarantees independence and quality. They must also announce whether the appraisal or evaluation report is true to the engagement letter, which gives an account of the depth of the appraisal assignment. The Federal Reserve 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 tailoring our work to the forms and guidelines of our review customers, there are four Fannie Mae forms that are widely used for review services, and we will 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. Here at Summit Appraisal Services, we're trained in every form of appraisal review, review procedure and the responsibilities of review appraisers.
You can rely on Summit Appraisal Services for our honest judgment, because we offer professional, impartial, ethical appraisal review services for our customers. Contact Summit Appraisal Services to learn more about our qualifications, expertise and service offerings. |
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We realize what the biggest reporting defects are, specifically in our real estate market. We also understand what represents a quality appraisal.
The professionals at Summit Appraisal Services are also trained enough to acknowledge that the competition in our market are qualified to do a great job.
The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can count on us to ethically look over appraisal reports done by others. And those others may be studying our work, too!