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Appraisal Reviews with WS Watson Inc.
As 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 responsibility of appraisers producing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines."
Here at WS Watson Inc., we provide appraisal review services that are objective, expert, professional and in line with the Federal Reserve's guidelines.
The purpose of appraisal reviews are to verify: whether the original appraisal or evaluation is applicable for the transaction, the exposure inherit in the transaction, and whether the procedures by which the real estate valuation is rendered ensures independence and quality.
They should also announce whether the appraisal or evaluation report is true to the engagement letter, which sets forth the scope of the appraisal assignment.
Lastly, the Fed states 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".
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If you need a real estate appraisal review or have questions in reference to an appraisal, contact WS Watson Inc. today. |
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In addition to adapting our work to the forms and guidelines of our review clients, there are four Fannie Mae forms that are largely used for review services, and we'll produce 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 WS Watson Inc., we are experienced in all types of appraisal reviews, review processes and the obligations of review appraisers.
We're aware of what amounts to a quality appraisal and what the greatest inadequacies are, specifically in our home market.
In the same regard, we're experienced enough to acknowledge that the competition in our market are able to do quality work.
The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can count on WS Watson Inc. to objectively evaluate appraisal reports done by others. And those others might be reviewing our work, too!
You can depend on WS Watson Inc. for our independent judgment, because we offer professional, fair, ethical appraisal review services for our clients.
Contact us to learn more about our qualifications, expertise and services offered.
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