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Getting a second opinion on an appraisalAccording to 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 responsibility of appraisers undertaking reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Here at Tomich & Associates, LLC, we provide appraisal review services that are unbiased, efficient, professional and in accordance with the Federal Reserve's regulations.The purpose of appraisal reviews are to find out: whether the original appraisal or evaluation is pertinent for the transaction, the risk inherit in the transaction, and whether the process by which the collateral valuation is attained guarantees independence and quality. The review should also announce whether the appraisal or evaluation report is compatible with the engagement letter, which sets forth the reach of the appraisal assignment. The Federal Reserve 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 conforming our work to the practices and guidelines of our review customers, there are four Fannie Mae forms that are widely used for review services, and we can develop 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 Tomich & Associates, LLC, we are skilled in all kinds of appraisal reviews, review practices and the requirements of review appraisers.
For professional, unbiased, ethical appraisal review services and neutral judgments, you can depend on Tomich & Associates, LLC. Contact us for more information about our qualifications, expertise and services offered. |
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We are aware of what constitutes a quality appraisal and what the biggest defects are, especially when it comes to our local real estate market.
In this regard, the professionals at Tomich & Associates, LLC are adequately trained to distinguish that the competitors in our market are qualified to do a good job.
The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can trust Tomich & Associates, LLC to ethically assess appraisal reports done by others. And those others might be evaluating our work, too!