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Skilled Appraisal Reviews by Griffin AppraisalsAccording 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 performing reviews are compelled to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." At Griffin Appraisals, we provide appraisal review services that are objective, expert, professional and square with the Federal Reserve's rules.The purpose of appraisal reviews are to pursue: whether the original appraisal or evaluation is suitable for the transaction, the liability inherit in the transaction, and whether the processes by which the property valuation is rendered guarantees independence and quality. In addition, they should indicate whether the appraisal or evaluation report is in line with the engagement letter, which sets forth the capacity of the appraisal assignment. The Fed 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 coordinating our work to the processes and guidelines of our review customers, there are four Fannie Mae forms that are widely used for review services, and we'll develop an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At Griffin Appraisals, we're qualified in every type of appraisal review, review practice and the requirements of review appraisers.
When you choose Griffin Appraisals, you can be sure of our independent judgment, because we offer professional, fair, ethical appraisal review services for our clients. Contact us for more information regarding our qualifications, expertise and service offerings. |
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We are familiar with what the most prevalent report inadequacies are, specifically in our home market, as well as what constitutes a quality appraisal.
We're also experienced enough to identify that our competitors in our market are able to do a great 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 look over appraisal reports performed by others. And those others might be reviewing our work, too!