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Appraisal ReviewsAs 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 it's the obligation of appraisers doing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Zaloom Appraisal Associates, Ltd. provides appraisal review services that are independent, expert, professional and compliant with the Federal Reserve's rules.The purpose of appraisal reviews are to pursue: whether the original appraisal or evaluation is relevant for the transaction, the liability inherit in the transaction, and whether the process by which the collateral valuation is obtained ensures independence and quality. In addition, they should denote whether the appraisal or evaluation report is compatible with 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 conforming our work to the processes and guidelines of our review clients, there are four Fannie Mae forms that are typically used for review services, and we'll 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. At Zaloom Appraisal Associates, Ltd., we're qualified in all kinds of appraisal reviews, review procedures and the obligations of review appraisers.
In short, here at Zaloom Appraisal Associates, Ltd., you can trust our truthful judgment, because we offer professional, unbiased, ethical appraisal review services for our customers. Contact Zaloom Appraisal Associates, Ltd. regarding our qualifications, expertise and services offered. |
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We're aware of what the most prevalent report inadequacies are, specifically in our housing market, as well as what represents a quality appraisal.
We're also trained enough to know that the competitors in our market are capable of a good job.
The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can trust Zaloom Appraisal Associates, Ltd. to objectively valuate appraisal reports executed by others. And those others may be studying our work, too!