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Appraisal Reviews by Sinnen-Green & AssociatesAccording 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 performing reviews ought to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Here at Sinnen-Green & Associates, we provide appraisal review services that are objective, qualified, professional and square with the Federal Reserve's rules.A review appraisal has to ascertain: whether the original appraisal or evaluation is pertinent for the transaction, the exposure inherit in the transaction, and whether the procedure by which the property valuation is obtained guarantees independence and quality. In addition, they must demonstrate whether the appraisal or evaluation report is consistent with the engagement letter, which sets forth the scope of the appraisal assignment. The Fed 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 tailoring our work to the procedures and guidelines of our review clients, there are four Fannie Mae forms that are largely used for review services, and we'll develop an appraisal review on any one of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. Here at Sinnen-Green & Associates, we are skilled in all types of appraisal reviews, review practices and the obligations of review appraisers.
Here at Sinnen-Green & Associates, you can be sure of our neutral judgment, because we offer professional, fair, ethical appraisal review services for our customers. Contact us for more information about our qualifications, expertise and service offerings. |
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Sinnen-Green & Associates knows what constitutes a quality appraisal and what the most common defects are, specifically for reports in our local housing market.
We're also skilled enough to realize that our competition in our market are skillful in doing quality work.
The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can count on Sinnen-Green & Associates to ethically look over appraisal reports performed by others. And those others could be examining our work, too!