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Expert Appraisal Reviews by Scheller and Associates, Inc.As 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 appraisers engaged in reviews have to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Here at Scheller and Associates, Inc. , we provide appraisal review services that are impartial, expert, professional and in accordance with the Federal Reserve's rules.The purpose of appraisal reviews are to verify: whether the original appraisal or evaluation is pertinent for the transaction, the risk inherit in the transaction, and whether the actions by which the property valuation is obtained ensures independence and quality. The review must also demonstrate whether the appraisal or evaluation report is compatible with the letter of engagement, which sets forth the scope of the appraisal assignment. Lastly, the Federal Reserve also 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 clients, there are four Fannie Mae forms that are usually 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. At Scheller and Associates, Inc. , we're trained in all kinds of appraisal reviews, review procedures and the responsibilities of review appraisers.
In short, at Scheller and Associates, Inc. , you can rely on our truthful judgment, because we offer professional, impartial, ethical appraisal review services for our clients. Contact Scheller and Associates, Inc. for more information regarding our qualifications, expertise and service offerings. |
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Scheller and Associates, Inc. knows what makes a quality appraisal and what the most common deficiencies are, especially for reports in our local housing market.
We're also trained enough to realize that our competition in our market are capable of a great job.
The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can count on Scheller and Associates, Inc. to fairly examine appraisal reports carried out by others. And those others may be studying our work, too!