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Getting a second opinion on an appraisalAs said in a statement by the Federal Reserve (click here), "financial institutions must have an effective, independent real estate appraisal and evaluation program" and that appraisers preparing reviews have to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Koepke Appraisal provides appraisal review services that are impartial, expert, professional and square with the Federal Reserve's guidelines.The purpose of appraisal reviews are to verify: whether the original appraisal or evaluation is pertinent for the transaction, the exposure inherit in the transaction, and whether the process by which the real estate valuation is rendered ensures independence and quality. In addition, they should demonstrate whether the appraisal or evaluation report is in line with the engagement letter, which sets forth the scope 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 practices and guidelines of our review customers, there are four Fannie Mae forms that are typically used for review services, and we can develop an appraisal review on any one of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At Koepke Appraisal, we are skilled in all types of appraisal reviews, review processes and the obligations of review appraisers.
You can depend on Koepke Appraisal for our honest judgment, because we offer professional, objective, ethical appraisal review services for our customers. Contact Koepke Appraisal for more information regarding our qualifications, expertise and services offered. |
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We're aware of what the most likely report deficiencies are, particularly in our home market, as well as what amounts to a quality appraisal.
We're also adequately skilled to know that our competitors in our market are capable of 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 Koepke Appraisal to ethically assess appraisal reports performed by others. And those others could be evaluating our work, too!