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Appraisal ReviewsAccording 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 duty of appraisers completing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Michael Burger & Associates provides appraisal review services that are objective, expert, professional and in line with the Federal Reserve's guidelines.A review appraisal has to find out: whether the original appraisal or evaluation is applicable for the transaction, the exposure inherit in the transaction, and whether the procedure by which the real estate valuation is rendered ensures independence and quality. They should also denote whether the appraisal or evaluation report is consistent with the engagement letter, which gives an account of the depth of the appraisal assignment. The Fed also states 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 adjusting our work to the processes and guidelines of our review clients, there are four Fannie Mae forms that are primarily used for review services, and we can 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. Here at Michael Burger & Associates, we are skilled in all kinds of appraisal reviews, review practices and the obligations of review appraisers.
You can trust Michael Burger & Associates for our independent judgment, because we offer professional, objective, ethical appraisal review services for our customers. Contact us for more information regarding our qualifications, expertise and service offerings. |
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We know what the most common reporting imperfections are, especially in our home market. We also know what constitutes a quality appraisal.
Concurrently, we're trained enough to acknowledge that the competitors in our market are capable of doing quality work.
The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can rely on Michael Burger & Associates to ethically assess appraisal reports done by others. And those others could be studying our work, too!