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Getting a second opinion on an appraisalAs 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 it's the call of appraisers doing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Here at Mike Nye, we provide appraisal review services that are independent, efficient, professional and in accordance with the Federal Reserve's regulations.A review appraisal has to pursue: whether the original appraisal or evaluation is pertinent for the transaction, the exposure inherit in the transaction, and whether the actions by which the property valuation is obtained guarantees independence and quality. Moreover, they should demonstrate whether the appraisal or evaluation report is compatible with the letter of engagement, which describes the capacity of the appraisal assignment. The Fed 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 adapting our work to the processes and guidelines of our review customers, there are four Fannie Mae forms that are typically used for review services, and we can prepare 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 Mike Nye, we are trained in every type of appraisal review, review procedure and the obligations of review appraisers.
At Mike Nye, you can rely on our independent judgment, because we offer professional, fair, ethical appraisal review services for our clients. Contact Mike Nye to learn more about our qualifications, expertise and services offered. |
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We're aware of what makes a quality appraisal and what the most frequent inadequacies are, particularly in our home market.
The professionals at Mike Nye are also adequately experienced to respect that the competition in our market are capable of doing a great job.
The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can trust Mike Nye to objectively evaluate appraisal reports carried out by others. And those others could be examining our work, too!