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Appraisal Reviews with Jim TaylorAs 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 appraisers doing reviews have to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Jim Taylor provides appraisal review services that are independent, expert, professional and square with the Federal Reserve's regulations.A review appraisal has to pursue: whether the original appraisal or evaluation is appropriate for the transaction, the exposure inherit in the transaction, and whether the procedures by which the property valuation is attained guarantees independence and quality. The review must also indicate whether the appraisal or evaluation report is compatible with the letter of engagement, which describes the scope of the appraisal assignment. Lastly, the Fed 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 practices and guidelines of our review customers, there are four Fannie Mae forms that are generally used for review services, and we'll prepare an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. Here at Jim Taylor, we're trained in all types of appraisal reviews, review practices and the responsibilities of review appraisers.
You can rely on Jim Taylor for our independent judgment, because we offer professional, objective, ethical appraisal review services for our clients. Contact us regarding our qualifications, expertise and services offered. |
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Jim Taylor realizes what the most likely report inadequacies are, particularly in our real estate market, as well as what amounts to a quality appraisal.
In the same sense, we're proficient enough to respect that the competitors in our market are capable of doing a fine job.
The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can count on us to objectively evaluate appraisal reports executed by others. And those others may be reviewing our work, too!