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Quality Appraisal Reviews with Genesis Appraisal ServicesAs said 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 have to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Here at Genesis Appraisal Services, we provide appraisal review services that are unbiased, qualified, professional and in accordance with the Federal Reserve's guidelines.The purpose of appraisal reviews are to ascertain: whether the original appraisal or evaluation is applicable for the transaction, the liability inherit in the transaction, and whether the means by which the collateral valuation is acquired guarantees independence and quality. In addition, they must announce whether the appraisal or evaluation report is compatible with the letter of engagement, which sets forth the scope of the appraisal assignment. The Federal Reserve notes 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 procedures and guidelines of our review customers, there are four Fannie Mae forms that are typically 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 Genesis Appraisal Services, we're qualified in all forms of appraisal reviews, review procedures and the obligations of review appraisers.
At Genesis Appraisal Services, you can have confidence in our independent judgment, because we offer professional, unbiased, ethical appraisal review services for our customers. Contact Genesis Appraisal Services for more information regarding our qualifications, expertise and service offerings. |
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We are familiar with what the most frequent reporting defects are, particularly in our home market. We also understand what represents a quality appraisal.
In the same regard, we're proficient enough to recognize that the competition in our market are qualified to do a fine job.
The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can trust us to ethically examine appraisal reports performed by others. And those others might be reviewing our work, too!