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Sullivan Appraisals Appraisal ReviewsAccording to a statement by the Federal Reserve (click here), "financial institutions must have an effective, independent real estate appraisal and evaluation program" and that it's the obligation of appraisers completing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Sullivan Appraisals provides appraisal review services that are independent, qualified, professional and compliant with the Federal Reserve's rules.
The purpose of appraisal reviews are to verify: whether the original appraisal or evaluation is pertinent for the transaction, the liability inherit in the transaction, and whether the procedure by which the property valuation is obtained guarantees independence and quality. They should also show whether the appraisal or evaluation report is consistent with the letter of engagement, which describes the reach of the appraisal assignment. Lastly, the Fed also 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 adapting our work to the practices and guidelines of our review clients, there are four Fannie Mae forms that are largely used for review services, and we'll produce an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. Here at Sullivan Appraisals, we are qualified in all types of appraisal reviews, review processes and the obligations of review appraisers.
You can trust Sullivan Appraisals for our truthful judgment, because we offer professional, objective, ethical appraisal review services for our customers. Contact us to learn more about our qualifications, expertise and service offerings. |
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Sullivan Appraisals is aware of what the typical report deficiencies are, especially in our home market, as well as what represents a quality appraisal. The professionals at Sullivan Appraisals are also sufficiently skilled to know that the competition in our market are skillful in doing good work. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can trust Sullivan Appraisals to ethically examine appraisal reports done by others. And those others may be studying our work, too!