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Appraisal Reviews with Leonard Appraisal Services, LLCAccording 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 producing reviews ought to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." At Leonard Appraisal Services, LLC, we provide appraisal review services that are impartial, efficient, professional and in line with the Federal Reserve's rules.The purpose of appraisal reviews are to pursue: whether the original appraisal or evaluation is suitable for the transaction, the risk inherit in the transaction, and whether the manners by which the real estate valuation is acquired ensures independence and quality. They should also announce whether the appraisal or evaluation report is compatible with the engagement letter, which sets forth the extent of the appraisal assignment. Lastly, the Federal Reserve also 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 coordinating our work to the practices and guidelines of our review customers, there are four Fannie Mae forms that are typically used for review services, and we will produce 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 Leonard Appraisal Services, LLC, we're skilled in every form of appraisal review, review procedure and the requirements of review appraisers.
Here at Leonard Appraisal Services, LLC, you can rely on our honest judgment, because we offer professional, fair, ethical appraisal review services for our customers. Contact Leonard Appraisal Services, LLC for more information about our qualifications, expertise and service offerings. |
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Leonard Appraisal Services, LLC understands what the most common report deficiencies are, specifically in our housing market, as well as what amounts to a quality appraisal.
We're also trained enough to know that our competitors in our market are able 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 Leonard Appraisal Services, LLC to fairly assess appraisal reports carried out by others. And those others could be evaluating our work, too!