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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 appraisers performing reviews should "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." The McPherson Company, LLC provides appraisal review services that are independent, efficient, professional and square with the Federal Reserve's regulations.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 processes by which the property valuation is rendered guarantees independence and quality. The review must 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 also 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".
In addition to tailoring our work to the forms and guidelines of our review customers, there are four Fannie Mae forms that are normally used for review services, and we can 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 The McPherson Company, LLC, we're experienced in every type of appraisal review, review procedure and the responsibilities of review appraisers.
When you choose The McPherson Company, LLC, you can count on our neutral judgment, because we offer professional, objective, ethical appraisal review services for our clients. Contact The McPherson Company, LLC regarding our qualifications, expertise and service offerings. |
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The McPherson Company, LLC knows what the most prevalent reporting imperfections are, specifically in our housing market. We also understand what constitutes a quality appraisal.
At the same time, we're professional enough to realize that our competition in our market are skillful in doing a great job.
The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can trust The McPherson Company, LLC to objectively review appraisal reports executed by others. And those others may be reviewing our work, too!