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F. Lee Appraisal Services Appraisal ReviewsAs 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 obligation of appraisers fulfilling reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." F. Lee Appraisal Services provides appraisal review services that are independent, efficient, professional and in line with the Federal Reserve's rules.The purpose of appraisal reviews are to detect: whether the original appraisal or evaluation is fitting for the transaction, the liability inherit in the transaction, and whether the actions by which the property valuation is rendered ensures independence and quality. They should also demonstrate whether the appraisal or evaluation report is in line with the letter of engagement, which sets forth the reach of the appraisal assignment. The Federal Reserve also 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 coordinating our work to the regulations and guidelines of our review clients, there are four Fannie Mae forms that are mostly used for review services, and we will 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 F. Lee Appraisal Services, we're skilled in every form of appraisal review, review procedure and the obligations of review appraisers.
You can count on F. Lee Appraisal Services for our neutral judgment, because we offer professional, fair, ethical appraisal review services for our clients. Contact us regarding our qualifications, expertise and service offerings. |
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We understand what the biggest reporting deficiencies are, especially in our housing market. We also understand what makes a quality appraisal.
The professionals at F. Lee Appraisal Services are also trained enough to identify that the competition in our market are capable of doing a fine job.
The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can count on F. Lee Appraisal Services to objectively valuate appraisal reports executed by others. And those others might be examining our work, too!