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Getting a second opinion on an appraisalAs 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 preparing reviews are compelled to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Hemry Appraisal Services provides appraisal review services that are unbiased, efficient, professional and compliant with the Federal Reserve's rules.A review appraisal should ascertain: whether the original appraisal or evaluation is suitable for the transaction, the liability inherit in the transaction, and whether the manner by which the real estate valuation is acquired guarantees independence and quality. The review must also signify whether the appraisal or evaluation report is in line with the letter of engagement, which describes the depth of the appraisal assignment. Lastly, the Federal Reserve also 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 adapting our work to the procedures and guidelines of our review clients, there are four Fannie Mae forms that are generally 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. Here at Hemry Appraisal Services, we're experienced in all forms of appraisal reviews, review processes and the requirements of review appraisers.
You can trust Hemry Appraisal Services for our neutral judgment, because we offer professional, fair, ethical appraisal review services for our clients. Contact us for more information regarding our qualifications, expertise and services offered. |
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Hemry Appraisal Services knows what constitutes a quality appraisal and what the most prevalent errors are, especially for reports in our local housing market.
Concurrently, we are trained enough to identify that the competition in our market are capable of doing a great job.
The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can count on us to justly assess appraisal reports carried out by others. And those others might be reviewing our work, too!