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Getting a second opinion on an appraisal
As 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
appraisers completing reviews are compelled to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines."
Piper Company provides appraisal review services that are objective, efficient, professional and square with the Federal Reserve's rules.
A review appraisal should pursue: whether the original appraisal or evaluation is pertinent for the transaction, the risk inherit in the transaction, and whether the methods by which the property valuation is acquired ensures independence and quality.
Moreover, they must denote whether the appraisal or evaluation report is true to the engagement letter, which gives an account of the range of the appraisal assignment.
Lastly, 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".
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If you're in the need of a real estate appraisal review or have questions in reference to an appraisal, contact us today. |
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In addition to adapting our work to the practices and guidelines of our review customers, there are four Fannie Mae forms that are usually 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.
Here at Piper Company, we are qualified in all kinds of appraisal reviews, review procedures and the requirements of review appraisers.
We are familiar with what the most prevalent report inadequacies are, particularly in our home market, as well as what makes a quality appraisal.
In the same sense, the professionals at Piper Company are amply experienced to distinguish that our competition in our market are capable of good work.
The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can rely on Piper Company to ethically evaluate appraisal reports executed by others. And those others may be reviewing our work, too!
For professional, impartial, ethical appraisal review services and truthful judgments, you can rely on Piper Company.
Contact us regarding our qualifications, expertise and service offerings.
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