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Getting a second opinion on an appraisalAs 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 it's the duty of appraisers producing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." At Mueller Appraisal Services, we provide appraisal review services that are objective, qualified, professional and square with the Federal Reserve's regulations.The purpose of appraisal reviews are to determine: whether the original appraisal or evaluation is pertinent for the transaction, the liability inherit in the transaction, and whether the practices by which the real estate valuation is acquired guarantees independence and quality. In addition, they should indicate whether the appraisal or evaluation report matches the letter of engagement, which describes the scope of the appraisal assignment. The Fed says 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 adjusting 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'll prepare 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 Mueller Appraisal Services, we're qualified in every form of appraisal review, review practice and the requirements of review appraisers.
In short, at Mueller Appraisal Services, you can have confidence in our neutral judgment, because we offer professional, objective, ethical appraisal review services for our customers. Contact us to learn more about our qualifications, expertise and services offered. |
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We know what the greatest reporting weaknesses are, especially in our housing market. We also know what constitutes a quality appraisal.
The professionals at Mueller Appraisal Services are also trained enough to know that our competitors in our market are capable of doing a good job.
The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can trust Mueller Appraisal Services to fairly look over appraisal reports done by others. And those others might be examining our work, too!