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Appraisal ReviewsAccording to an announcement by the Federal Reserve (click here), "financial institutions must have an effective, independent real estate appraisal and evaluation program" and that appraisers undertaking reviews are obligated to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Steve Houston Appraisals, Inc provides appraisal review services that are objective, efficient, professional and compliant with the Federal Reserve's rules.The purpose of appraisal reviews are to pursue: whether the original appraisal or evaluation is appropriate for the transaction, the exposure inherit in the transaction, and whether the processes by which the property valuation is acquired ensures independence and quality. Moreover, they must indicate whether the appraisal or evaluation report matches the engagement letter, which gives an account of the range of the appraisal assignment. The Fed also 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 adapting our work to the procedures and guidelines of our review customers, there are four Fannie Mae forms that are mostly used for review services, and we will produce an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At Steve Houston Appraisals, Inc, we are trained in every kind of appraisal review, review procedure and the obligations of review appraisers.
In short, when you choose Steve Houston Appraisals, Inc, you can count on our truthful judgment, because we offer professional, fair, ethical appraisal review services for our clients. Contact us for more information about our qualifications, expertise and service offerings. |
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Steve Houston Appraisals, Inc is aware of what amounts to a quality appraisal and what the most common deficiencies are, particularly in our local real estate market.
The professionals at Steve Houston Appraisals, Inc are also skilled enough to identify that our competitors in our market are able to do good work.
The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can trust us to justly look over appraisal reports done by others. And those others could be evaluating our work, too!