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Van Syckel Appraisal Appraisal ReviewsAs stated in 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 duty of appraisers completing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Here at Van Syckel Appraisal, we provide appraisal review services that are impartial, qualified, professional and in line with the Federal Reserve's regulations.
A review appraisal should find out: whether the original appraisal or evaluation is appropriate for the transaction, the risk inherit in the transaction, and whether the procedures by which the property valuation is obtained ensures independence and quality. The review must also show whether the appraisal or evaluation report matches the letter of engagement, which sets forth the scope of the appraisal assignment. The Fed says 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 adjusting our work to the practices and guidelines of our review customers, there are four Fannie Mae forms that are usually used for review services, and we'll develop 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 Van Syckel Appraisal, we're qualified in every kind of appraisal review, review procedure and the obligations of review appraisers.
 Van Syckel Appraisal is aware of what makes a quality appraisal and what the biggest deficiencies are, specifically for reports in our home market. In the same sense, we are proficient enough to admit that our competitors in our market are able to do a great job. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can rely on Van Syckel Appraisal to fairly valuate appraisal reports carried out by others. And those others might be examining our work, too!
For professional, fair, ethical appraisal review services and truthful judgments, you can depend on Van Syckel Appraisal. Contact Van Syckel Appraisal for more information about our qualifications, expertise and service offerings.
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