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Expert Appraisal Reviews with Duffy AppraisalsAs said in a statement 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 doing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." At Duffy Appraisals, we provide appraisal review services that are objective, efficient, professional and compliant with the Federal Reserve's rules.A review appraisal should reveal: whether the original appraisal or evaluation is relevant for the transaction, the liability inherit in the transaction, and whether the procedure by which the real estate valuation is acquired guarantees independence and quality. Moreover, they should demonstrate whether the appraisal or evaluation report matches the engagement letter, which sets forth the extent of the appraisal assignment. Lastly, the Fed also goes on to say 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 tailoring our work to the forms and guidelines of our review customers, there are four Fannie Mae forms that are normally used for review services, and we will 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. At Duffy Appraisals, we are qualified in every form of appraisal review, review practice and the responsibilities of review appraisers.
In short, when you choose Duffy Appraisals, you can trust our truthful judgment, because we offer professional, impartial, ethical appraisal review services for our clients. Contact Duffy Appraisals to learn more about our qualifications, expertise and services offered. |
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We are aware of what constitutes a quality appraisal and what the biggest deficiencies are, especially when it comes to our local housing market.
We're also trained enough to admit that our competitors in our market are able to do a great job.
The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can count on Duffy Appraisals to objectively study appraisal reports completed by others. And those others could be evaluating our work, too!