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Nationwide  Appraisal Review Reports
Many states are currently in the process of passing legislation which mandates that any appraisal for lending purposes (including Appraisal reviews) be completed by an appraiser who is Certified in that state. In addition, the proposed Federal HR 1728 will also mandate appraisal reviews by locally licensed and Certified appraisers. When this happens Valuation Management will be ready.
The Federal Reserve has recently reiterated that "financial institutions must have an effective, independent real estate appraisal and evaluation program," and that appraisers performing reviews should "have the knowledge and expertise to assess compliance with the Federal Reserves appraisal regulations and guidelines." Valuation Management, LLC, provides appraisal review services that are independent, qualified, professional and in accordance with Federal Reserve guidelines.
The Federal Reserve states that appraisal reviews "...should determine whether the appraisal or evaluation is appropriate for the transaction, the risk of the transaction, and whether the process by which the collateral valuation is obtained ensures independence and quality..." Reviews should also "...indicate whether the appraisal or evaluation report is consistent with the engagement letter, which sets forth 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 conforming our work to the forms and guidelines of our clients, there are four Fannie Mae forms that are generally used for review services, and we can prepare appraisal reviews on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. Here at Valuation Management LLC, we are experienced in all types of appraisal reviews, review procedures and the responsibilities of review appraisers.
 We understand what makes a quality appraisal and what the most common deficiencies are, especially in our local Wisconsin market. At the same time, we are professional enough to recognize that our competitors in our market are capable of following good appraisal practice. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can count on us to ethically evaluate appraisal reports performed by others without bias or preconceptions.
In short, you can rely on Valuation Management, as we offer professional, objective, ethical appraisal review services. Browse our website to learn more about our qualifications, expertise and services offered and call Judy Hayes, SRA at 414- 343-9533 with any questions you may have.
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