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Savvy Appraisal Reviews by REVARI (Real Estate Valuation and Research 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 completing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." At REVARI (Real Estate Valuation and Research Inc.), we provide appraisal review services that are impartial, qualified, professional and square with the Federal Reserve's regulations.
The purpose of appraisal reviews are to ascertain: whether the original appraisal or evaluation is well-suited for the transaction, the exposure inherit in the transaction, and whether the procedure by which the collateral valuation is accomplished ensures independence and quality. Moreover, they must indicate whether the appraisal or evaluation report is true to the letter of engagement, which describes the range of the appraisal assignment. The Fed also goes on to say 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're in the need of a real estate appraisal review or have questions in reference to an appraisal, call us today. |
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In addition to coordinating our work to the practices and guidelines of our review clients, there are four Fannie Mae forms that are mostly used for review services, and we will formulate 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 REVARI (Real Estate Valuation and Research Inc.), we're trained in every type of appraisal review, review procedure and the responsibilities of review appraisers.
 We're aware of what the greatest reporting inadequacies are, especially in our real estate market. We also know what constitutes a quality appraisal. In the same sense, the professionals at REVARI (Real Estate Valuation and Research Inc.) are sufficiently trained to identify that the competition in our market are capable of good work. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can rely on us to fairly valuate appraisal reports performed by others. And those others may be reviewing our work, too!
For professional, impartial, ethical appraisal review services and honest judgments, you can depend on REVARI (Real Estate Valuation and Research Inc.). Contact REVARI (Real Estate Valuation and Research Inc.) for more information regarding our qualifications, expertise and service offerings.
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