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Savvy Appraisal Reviews by Cornerstone Appraisals
According to 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 prudent for appraisers performing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines."
Cornerstone Appraisals provides appraisal review services that are impartial, qualified, professional and square with the Federal Reserve's regulations.
The purpose of appraisal reviews are to find out: whether the original appraisal or evaluation is pertinent for the transaction, the liability inherit in the transaction, and whether the processes by which the property valuation is accomplished guarantees independence and quality.
They must also signify whether the appraisal or evaluation report is compatible with the letter of engagement, which sets forth the scope of the appraisal assignment.
The Fed notes 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 practices and guidelines of our review clients, there are four Fannie Mae forms that are typically used for review services, and we can formulate an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form.
Here at Cornerstone Appraisals, we are experienced in every kind of appraisal review, review procedure and the responsibilities of review appraisers.
Cornerstone Appraisals is aware of what the most prevalent reporting deficiencies are, especially in our housing market. We also know what amounts to a quality appraisal.
In this regard, we are skilled enough to know that the competition in our market are capable of a fine job.
The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can trust us to justly valuate appraisal reports done by others. And those others might be reviewing our work, too!
In short, here at Cornerstone Appraisals, you can trust our independent judgment, because we offer professional, fair, ethical appraisal review services for our clients.
Contact Cornerstone Appraisals regarding our qualifications, expertise and services offered.
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