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Appraisal Reviews with Pankratz Appraisal ServicesAccording to a statement by the Federal Reserve (click here), "financial institutions must have an effective, independent real estate appraisal and evaluation program" and that appraisers producing reviews are obligated to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." At Pankratz Appraisal Services, we provide appraisal review services that are objective, efficient, professional and square with the Federal Reserve's guidelines.The purpose of appraisal reviews are to detect: whether the original appraisal or evaluation is relevant for the transaction, the liability inherit in the transaction, and whether the actions by which the collateral valuation is attained guarantees independence and quality. Moreover, they should denote whether the appraisal or evaluation report matches the engagement letter, which sets forth the outlook of the appraisal assignment. Lastly, the Federal Reserve 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 practices and guidelines of our review clients, there are four Fannie Mae forms that are largely used for review services, and we will prepare an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At Pankratz Appraisal Services, we're qualified in every type of appraisal review, review procedure and the responsibilities of review appraisers.
At Pankratz Appraisal Services, you can trust our truthful judgment, because we offer professional, impartial, ethical appraisal review services for our clients. Contact us for more information regarding our qualifications, expertise and services offered. |
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We are aware of what the greatest reporting weaknesses are, especially in our housing market. We also understand what amounts to a quality appraisal.
The professionals at Pankratz Appraisal Services are also adequately trained to identify that the competition in our market are capable of doing a fine job.
The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can trust Pankratz Appraisal Services to lawfully study appraisal reports done by others. And those others could be evaluating our work, too!