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Getting a second opinion on an appraisalAccording to a statement by the Federal Reserve (click here), "financial institutions must have an effective, independent real estate appraisal and evaluation program" and that appraisers preparing reviews have to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." BLS Appraisals, LLC provides appraisal review services that are unbiased, efficient, professional and compliant with the Federal Reserve's guidelines.A review appraisal has to verify: whether the original appraisal or evaluation is suitable for the transaction, the risk inherit in the transaction, and whether the practices by which the collateral valuation is obtained ensures independence and quality. Moreover, they should indicate whether the appraisal or evaluation report is in line with the engagement letter, which describes the scope of the appraisal assignment. The Fed also 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 adapting our work to the procedures and guidelines of our review clients, there are four Fannie Mae forms that are generally used for review services, and we will develop 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 BLS Appraisals, LLC, we are skilled in every kind of appraisal review, review procedure and the obligations of review appraisers.
Here at BLS Appraisals, LLC, you can trust our honest judgment, because we offer professional, impartial, ethical appraisal review services for our customers. Contact us for more information regarding our qualifications, expertise and service offerings. |
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BLS Appraisals, LLC understands what the most common reporting defects are, particularly in our home market. We also understand what amounts to a quality appraisal.
We're also adequately experienced to admit 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 count on BLS Appraisals, LLC to ethically valuate appraisal reports performed by others. And those others may be studying our work, too!