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Appraisal Reviews by Paradis Appraisal ServicesAccording to an announcement by the Federal Reserve (click here), "financial institutions must have an effective, independent real estate appraisal and evaluation program" and that appraisers producing reviews must "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Here at Paradis Appraisal Services, we provide appraisal review services that are independent, expert, professional and compliant with the Federal Reserve's guidelines.The purpose of appraisal reviews are to verify: whether the original appraisal or evaluation is suitable for the transaction, the exposure inherit in the transaction, and whether the method by which the property valuation is attained guarantees independence and quality. The review must also demonstrate whether the appraisal or evaluation report matches the engagement letter, 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 procedures and guidelines of our review customers, there are four Fannie Mae forms that are mostly used for review services, and we'll 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. At Paradis Appraisal Services, we're experienced in every type of appraisal review, review procedure and the requirements of review appraisers.
You can depend on Paradis Appraisal Services for our neutral judgment, because we offer professional, objective, ethical appraisal review services for our clients. Contact us for more information about our qualifications, expertise and services offered. |
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Paradis Appraisal Services understands what the most likely report deficiencies are, particularly in our real estate market, as well as what makes a quality appraisal.
At the same time, we are sufficiently skilled to distinguish that our competition in our market are able to do a great job.
The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can count on us to lawfully assess appraisal reports executed by others. And those others could be reviewing our work, too!