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Savvy Appraisal Reviews with McLeod Appraisal GroupAs said 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 preparing reviews are obligated to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." McLeod Appraisal Group provides appraisal review services that are objective, expert, professional and compliant with the Federal Reserve's guidelines.A review appraisal should verify: whether the original appraisal or evaluation is appropriate for the transaction, the liability inherit in the transaction, and whether the procedures by which the real estate valuation is accomplished ensures independence and quality. Moreover, they must denote whether the appraisal or evaluation report is compatible with the engagement letter, which gives an account of the scope of the appraisal assignment. The Federal Reserve also 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 adjusting our work to the processes and guidelines of our review clients, 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. Here at McLeod Appraisal Group, we're experienced in all forms of appraisal reviews, review practices and the responsibilities of review appraisers.
In short, when you choose McLeod Appraisal Group, you can count on our truthful judgment, because we offer professional, unbiased, ethical appraisal review services for our clients. Contact us for more information about our qualifications, expertise and service offerings. |
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McLeod Appraisal Group knows what the most common report weaknesses are, particularly in our real estate market, as well as what amounts to a quality appraisal.
In this regard, we are amply experienced to distinguish that the competitors in our market are able to do good work.
The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can trust McLeod Appraisal Group to lawfully look over appraisal reports performed by others. And those others might be examining our work, too!