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 appraisers undertaking reviews are compelled to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Hasson Appraisals provides appraisal review services that are independent, efficient, professional and in line with the Federal Reserve's regulations.
A review appraisal should reveal: whether the original appraisal or evaluation is pertinent for the transaction, the exposure inherit in the transaction, and whether the process by which the property valuation is rendered guarantees independence and quality. Moreover, they should demonstrate whether the appraisal or evaluation report is consistent with the letter of engagement, which gives an account of the extent of the appraisal assignment. Lastly, the Federal Reserve 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 coordinating our work to the forms and guidelines of our review customers, there are four Fannie Mae forms that are largely used for review services, and we can 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. Here at Hasson Appraisals, we are qualified in every form of appraisal review, review procedure and the requirements of review appraisers.
We know what represents a quality appraisal and what the most frequent defects are, particularly when it comes to our local housing market. At the same time, we're proficient enough to admit that our competition in our market are qualified to do a great job. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can trust Hasson Appraisals to lawfully examine appraisal reports carried out by others. And those others could be reviewing our work, too!
In short, at Hasson Appraisals, you can have confidence in our independent judgment, because we offer professional, unbiased, ethical appraisal review services for our customers. Contact Hasson Appraisals regarding our qualifications, expertise and services offered.