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Competent Appraisal Reviews with Penfold & Associates Appraisal ServiceAccording to 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 duty of appraisers doing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Here at Penfold & Associates Appraisal Service, we provide appraisal review services that are impartial, expert, professional and in accordance with the Federal Reserve's rules.A review appraisal has to detect: whether the original appraisal or evaluation is relevant for the transaction, the risk inherit in the transaction, and whether the process by which the collateral valuation is accomplished guarantees independence and quality. In addition, they should denote whether the appraisal or evaluation report is true to the letter of engagement, which describes the range of the appraisal assignment. The Fed states 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 procedures and guidelines of our review customers, there are four Fannie Mae forms that are usually used for review services, and we will produce 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 Penfold & Associates Appraisal Service, we're experienced in all kinds of appraisal reviews, review processes and the responsibilities of review appraisers.
When you choose Penfold & Associates Appraisal Service, you can have confidence in our neutral judgment, because we offer professional, objective, ethical appraisal review services for our customers. Contact Penfold & Associates Appraisal Service for more information about our qualifications, expertise and service offerings. |
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We are aware of what represents a quality appraisal and what the most prevalent defects are, particularly in our local housing market.
We're also sufficiently experienced to know that the competitors in our market are qualified to do good work.
The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can count on Penfold & Associates Appraisal Service to ethically evaluate appraisal reports carried out by others. And those others may be evaluating our work, too!