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Quality Appraisal Reviews by Godwin AppraisalsAccording 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 doing reviews ought to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Godwin Appraisals provides appraisal review services that are independent, efficient, professional and in line with the Federal Reserve's regulations.The purpose of appraisal reviews are to ascertain: 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 obtained ensures independence and quality. In addition, they must demonstrate whether the appraisal or evaluation report is consistent with the engagement letter, which describes the range 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 conforming our work to the forms and guidelines of our review customers, there are four Fannie Mae forms that are largely 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. Here at Godwin Appraisals, we're qualified in every kind of appraisal review, review practice and the obligations of review appraisers.
For professional, unbiased, ethical appraisal review services and neutral judgments, you can count on Godwin Appraisals. Contact us to learn more about our qualifications, expertise and services offered. |
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We know what the most frequent report imperfections are, especially in our real estate market, as well as what represents a quality appraisal.
The professionals at Godwin Appraisals are also experienced enough to identify that the competitors in our market are qualified to do a fine job.
The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can trust Godwin Appraisals to ethically review appraisal reports carried out by others. And those others may be studying our work, too!