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Getting a second opinion on an appraisalAs said 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 engaged in reviews should "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." DMP Appraisals provides appraisal review services that are unbiased, qualified, professional and square with the Federal Reserve's guidelines.The purpose of appraisal reviews are to determine: whether the original appraisal or evaluation is relevant for the transaction, the risk inherit in the transaction, and whether the practices by which the collateral valuation is rendered ensures independence and quality. The review should also demonstrate whether the appraisal or evaluation report is true to the letter of engagement, which describes the depth of the appraisal assignment. The Fed also 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 regulations and guidelines of our review customers, there are four Fannie Mae forms that are mostly used for review services, and we'll 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. Here at DMP Appraisals, we're qualified in every form of appraisal review, review process and the responsibilities of review appraisers.
You can rely on DMP Appraisals for our independent judgment, because we offer professional, unbiased, ethical appraisal review services for our clients. Contact us regarding our qualifications, expertise and services offered. |
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DMP Appraisals is aware of what the most common reporting defects are, particularly in our home market. We also understand what constitutes a quality appraisal.
We're also skilled enough to respect that the competitors in our market are capable of a great job.
The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can trust us to ethically look over appraisal reports performed by others. And those others might be reviewing our work, too!