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Craig Hartsgrove Appraisal ReviewsAccording to 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 call of appraisers undertaking reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Craig Hartsgrove provides appraisal review services that are objective, expert, professional and in line with the Federal Reserve's rules.A review appraisal has to determine: whether the original appraisal or evaluation is suitable for the transaction, the exposure inherit in the transaction, and whether the practices by which the collateral valuation is rendered ensures independence and quality. In addition, they should signify whether the appraisal or evaluation report is in line with the engagement letter, which sets forth the outlook of the appraisal assignment. The Fed 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".
In addition to conforming 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 can produce an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At Craig Hartsgrove, we are experienced in all kinds of appraisal reviews, review procedures and the obligations of review appraisers.
When you choose Craig Hartsgrove, you can have confidence in our independent judgment, because we offer professional, impartial, ethical appraisal review services for our customers. Contact us regarding our qualifications, expertise and service offerings. |
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We are familiar with what the typical report deficiencies are, especially in our home market, as well as what makes a quality appraisal.
In the same sense, we are adequately skilled to know that our competitors 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 trust Craig Hartsgrove to lawfully examine appraisal reports performed by others. And those others could be examining our work, too!