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Getting a second opinion on an appraisal
As said in 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 expectation of appraisers performing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines."
The Lawrence Group provides appraisal review services that are unbiased, qualified, professional and square with the Federal Reserve's regulations.
A review appraisal should determine: whether the original appraisal or evaluation is fitting for the transaction, the liability inherit in the transaction, and whether the procedure by which the property valuation is rendered ensures independence and quality.
They should also denote whether the appraisal or evaluation report is consistent with the engagement letter, which describes the scope of the appraisal assignment.
Lastly, 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".
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If you're in the need of a real estate appraisal review or have questions in reference to an appraisal, call The Lawrence Group today. |
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In addition to coordinating our work to the procedures and guidelines of our review customers, there are four Fannie Mae forms that are generally used for review services, and we will produce an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form.
At The Lawrence Group, we're experienced in every form of appraisal review, review process and the obligations of review appraisers.
We are familiar with what the most prevalent reporting deficiencies are, specifically in our real estate market. We also know what constitutes a quality appraisal.
We're also sufficiently trained to acknowledge that our competition in our market are capable of quality work.
The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can count on us to lawfully look over appraisal reports performed by others. And those others could be examining our work, too!
For professional, unbiased, ethical appraisal review services and neutral judgments, you can rely on The Lawrence Group.
Contact The Lawrence Group regarding our qualifications, expertise and services offered.
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