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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 it's the prudent for appraisers preparing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." At BN Real Estate, Inc., we provide appraisal review services that are objective, efficient, professional and in accordance with the Federal Reserve's guidelines.The purpose of appraisal reviews are to verify: whether the original appraisal or evaluation is appropriate for the transaction, the risk inherit in the transaction, and whether the method by which the real estate valuation is obtained guarantees independence and quality. Moreover, they should show whether the appraisal or evaluation report matches the engagement letter, which describes the capacity 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 tailoring our work to the processes and guidelines of our review clients, there are four Fannie Mae forms that are mostly used for review services, and we can develop 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 BN Real Estate, Inc., we're qualified in all types of appraisal reviews, review practices and the requirements of review appraisers.
In short, at BN Real Estate, Inc., you can count on our neutral judgment, because we offer professional, impartial, ethical appraisal review services for our customers. Contact us to learn more about our qualifications, expertise and service offerings. |
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We know what the greatest reporting imperfections are, particularly in our real estate market. We also know what makes a quality appraisal.
We're also skilled enough to know that our competition in our market are capable of doing a fine job.
The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can trust BN Real Estate, Inc. to justly evaluate appraisal reports completed by others. And those others might be examining our work, too!