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Getting a second opinion on an appraisalAs 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 producing reviews are compelled to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." At Charlestown Mercant, we provide appraisal review services that are objective, expert, professional and in line with the Federal Reserve's rules.The purpose of appraisal reviews are to determine: whether the original appraisal or evaluation is appropriate for the transaction, the exposure inherit in the transaction, and whether the method by which the collateral valuation is attained ensures independence and quality. The review must also signify whether the appraisal or evaluation report is true to the engagement letter, which sets forth 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".
In addition to coordinating our work to the forms and guidelines of our review clients, there are four Fannie Mae forms that are normally used for review services, and we'll formulate an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At Charlestown Mercant, we're experienced in all forms of appraisal reviews, review processes and the requirements of review appraisers.
For professional, impartial, ethical appraisal review services and truthful judgments, you can rely on Charlestown Mercant. Contact Charlestown Mercant to learn more about our qualifications, expertise and service offerings. |
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Charlestown Mercant knows what the most frequent reporting inadequacies are, particularly in our real estate market. We also know what represents a quality appraisal.
In this regard, we are experienced enough to admit that the competition in our market are qualified to do quality work.
The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can trust Charlestown Mercant to objectively review appraisal reports completed by others. And those others might be evaluating our work, too!