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Quality Appraisal Reviews by Cooney 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 it's the duty of appraisers engaged in reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Here at Cooney Appraisal Services, we provide appraisal review services that are independent, efficient, professional and compliant with the Federal Reserve's regulations.A review appraisal has to reveal: whether the original appraisal or evaluation is applicable for the transaction, the exposure inherit in the transaction, and whether the procedure by which the real estate valuation is attained ensures independence and quality. Moreover, they should demonstrate whether the appraisal or evaluation report is in line with 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 adjusting our work to the regulations and guidelines of our review customers, there are four Fannie Mae forms that are typically used for review services, and we will 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 Cooney Appraisal Services, we are qualified in every kind of appraisal review, review procedure and the responsibilities of review appraisers.
In short, at Cooney Appraisal Services, you can have confidence in our neutral judgment, because we offer professional, impartial, ethical appraisal review services for our customers. Contact Cooney Appraisal Services for more information about our qualifications, expertise and services offered. |
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Cooney Appraisal Services knows what the greatest reporting inadequacies are, specifically in our real estate market. We also understand what makes a quality appraisal.
In the same sense, the professionals at Cooney Appraisal Services are sufficiently trained to know that the competition in our market are capable of a good job.
The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can rely on Cooney Appraisal Services to fairly assess appraisal reports done by others. And those others may be examining our work, too!