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Appraisal Reviews by Sims Appraisal CompanyAccording 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 call of appraisers undertaking reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Sims Appraisal Company provides appraisal review services that are objective, expert, professional and compliant with the Federal Reserve's guidelines.The purpose of appraisal reviews are to reveal: whether the original appraisal or evaluation is appropriate for the transaction, the risk inherit in the transaction, and whether the means by which the real estate valuation is acquired ensures independence and quality. The review must also denote whether the appraisal or evaluation report is true to the letter of engagement, which sets forth the depth of the appraisal assignment. The Federal Reserve notes 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 customers, there are four Fannie Mae forms that are typically used for review services, and we'll prepare an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At Sims Appraisal Company , we're skilled in every form of appraisal review, review practice and the responsibilities of review appraisers.
Here at Sims Appraisal Company , you can be sure of our independent judgment, because we offer professional, objective, ethical appraisal review services for our customers. Contact us regarding our qualifications, expertise and service offerings. |
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We are aware of what the most likely report inadequacies are, particularly in our real estate market, as well as what constitutes a quality appraisal.
At the same time, we are sufficiently skilled to identify that our competitors in our market are capable of doing a fine job.
The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can rely on Sims Appraisal Company to justly evaluate appraisal reports done by others. And those others could be examining our work, too!