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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 doing reviews have to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Here at Pacheco Appraisals, we provide appraisal review services that are objective, qualified, professional and compliant with the Federal Reserve's regulations.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 manner by which the collateral valuation is acquired guarantees independence and quality. The review should also indicate whether the appraisal or evaluation report is compatible with the engagement letter, which gives an account of the reach of the appraisal assignment. The Federal Reserve says 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 adjusting our work to the processes and guidelines of our review clients, there are four Fannie Mae forms that are largely used for review services, and we will 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 Pacheco Appraisals, we're trained in every form of appraisal review, review practice and the responsibilities of review appraisers.
You can rely on Pacheco Appraisals for our neutral judgment, because we offer professional, fair, ethical appraisal review services for our customers. Contact Pacheco Appraisals regarding our qualifications, expertise and service offerings. |
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Pacheco Appraisals knows what amounts to a quality appraisal and what the biggest deficiencies are, especially in our home market.
The professionals at Pacheco Appraisals are also skilled enough to admit that our competitors in our market are qualified to do good work.
The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can rely on Pacheco Appraisals to fairly examine appraisal reports completed by others. And those others may be studying our work, too!