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Wilcox Appraisals, LLC Appraisal ReviewsAs 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 producing reviews should "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Wilcox Appraisals, LLC provides appraisal review services that are objective, expert, professional and in line with the Federal Reserve's rules.A review appraisal should verify: whether the original appraisal or evaluation is applicable for the transaction, the risk inherit in the transaction, and whether the method by which the property valuation is rendered ensures independence and quality. Moreover, they must signify whether the appraisal or evaluation report is in line with the engagement letter, which sets forth the capacity of the appraisal assignment. Lastly, 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 adapting our work to the processes and guidelines of our review customers, there are four Fannie Mae forms that are normally used for review services, and we can formulate 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 Wilcox Appraisals, LLC, we're experienced in every form of appraisal review, review process and the responsibilities of review appraisers.
In short, here at Wilcox Appraisals, LLC, you can trust our neutral judgment, because we offer professional, impartial, ethical appraisal review services for our clients. Contact Wilcox Appraisals, LLC for more information about our qualifications, expertise and services offered. |
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We know what the most prevalent report imperfections are, especially in our housing market, as well as what represents a quality appraisal.
The professionals at Wilcox Appraisals, LLC are also adequately trained to identify that the competitors in our market are skillful in doing a good job.
The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can count on us to justly review appraisal reports executed by others. And those others might be evaluating our work, too!