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Appraisal ReviewsAs stated 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 fulfilling reviews must "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." At Lutz Appraisals, we provide appraisal review services that are unbiased, expert, professional and compliant with the Federal Reserve's regulations.A review appraisal has to verify: whether the original appraisal or evaluation is appropriate for the transaction, the liability inherit in the transaction, and whether the practices by which the real estate valuation is accomplished guarantees independence and quality. Moreover, they must demonstrate whether the appraisal or evaluation report is in line with the letter of engagement, which gives an account of the outlook of the appraisal assignment. 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 processes and guidelines of our review customers, there are four Fannie Mae forms that are widely used for review services, and we will formulate 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 Lutz Appraisals, we are skilled in all forms of appraisal reviews, review practices and the requirements of review appraisers.
For professional, fair, ethical appraisal review services and honest judgments, you can depend on Lutz Appraisals. Contact us for more information regarding our qualifications, expertise and services offered. |
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We are familiar with what the most prevalent reporting defects are, especially in our home market. We also know what makes a quality appraisal.
The professionals at Lutz Appraisals are also skilled enough to acknowledge that our competitors in our market are qualified to do a great job.
The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can count on us to lawfully look over appraisal reports completed by others. And those others might be studying our work, too!