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CRS Appraisals Appraisal ReviewsAs said in a statement by the Federal Reserve (click here), "financial institutions must have an effective, independent real estate appraisal and evaluation program" and that it's the expectation of appraisers engaged in reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." At CRS Appraisals, we provide appraisal review services that are independent, qualified, professional and in accordance with the Federal Reserve's guidelines.The purpose of appraisal reviews are to pursue: whether the original appraisal or evaluation is suitable for the transaction, the risk inherit in the transaction, and whether the procedures by which the collateral valuation is acquired guarantees independence and quality. They must also announce whether the appraisal or evaluation report is consistent with the letter of engagement, which sets forth the depth of the appraisal assignment. The Federal Reserve 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".
In addition to coordinating our work to the processes and guidelines of our review customers, there are four Fannie Mae forms that are mostly used for review services, and we can develop 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 CRS Appraisals, we are trained in every kind of appraisal review, review procedure and the responsibilities of review appraisers.
Here at CRS Appraisals, you can rely on our independent judgment, because we offer professional, impartial, ethical appraisal review services for our clients. Contact CRS Appraisals for more information regarding our qualifications, expertise and services offered. |
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We are aware of what the most frequent report imperfections are, especially in our housing market, as well as what makes a quality appraisal.
In the same sense, we are amply trained to admit that our competition in our market are capable of doing a fine job.
The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can trust CRS Appraisals to objectively review appraisal reports carried out by others. And those others may be evaluating our work, too!