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Competent Appraisal Reviews by Boldrick AppraisalAs 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 responsibility of appraisers producing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Here at Boldrick Appraisal, we provide appraisal review services that are impartial, expert, professional and compliant with the Federal Reserve's regulations.The purpose of appraisal reviews are to reveal: whether the original appraisal or evaluation is applicable for the transaction, the risk inherit in the transaction, and whether the manners by which the property valuation is rendered ensures independence and quality. Moreover, they must show whether the appraisal or evaluation report matches the letter of engagement, which describes the range of the appraisal assignment. The Fed 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 procedures and guidelines of our review customers, there are four Fannie Mae forms that are largely 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. At Boldrick Appraisal, we're trained in all types of appraisal reviews, review practices and the requirements of review appraisers.
At Boldrick Appraisal, you can have confidence in our honest judgment, because we offer professional, impartial, ethical appraisal review services for our customers. Contact Boldrick Appraisal for more information about our qualifications, expertise and service offerings. |
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We realize what the biggest reporting weaknesses are, especially in our real estate market. We also understand what represents a quality appraisal. We're also amply experienced to recognize that our competitors in our market are capable of a good job. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can count on us to objectively evaluate appraisal reports completed by others. And those others might be reviewing our work, too!