Getting a second opinion on an appraisalAccording to 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 prudent for appraisers producing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Here at Hackney Appraisal Service, we provide appraisal review services that are impartial, expert, professional and square with the Federal Reserve's regulations.
A review appraisal has to verify: whether the original appraisal or evaluation is fitting for the transaction, the exposure inherit in the transaction, and whether the manners by which the collateral valuation is acquired ensures independence and quality. Moreover, they should show whether the appraisal or evaluation report is true to the engagement letter, which gives an account of the scope of the appraisal assignment. The Fed also states 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 forms and guidelines of our review customers, there are four Fannie Mae forms that are primarily 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. Here at Hackney Appraisal Service, we're qualified in all kinds of appraisal reviews, review processes and the responsibilities of review appraisers.
We are familiar with what constitutes a quality appraisal and what the most frequent imperfections are, especially when it comes to our local real estate market. We're also experienced enough to admit that the competitors in our market are capable of doing a great job. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can rely on Hackney Appraisal Service to justly valuate appraisal reports done by others. And those others could be reviewing our work, too!
For professional, impartial, ethical appraisal review services and truthful judgments, you can count on Hackney Appraisal Service. Contact us regarding our qualifications, expertise and service offerings.