Getting a second opinion on an appraisalAs said in a statement by the Federal Reserve (click here), "financial institutions must have an effective, independent real estate appraisal and evaluation program" and that appraisers producing reviews are obligated to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Here at Hatch Appraisal LLC, we provide appraisal review services that are impartial, efficient, professional and square with the Federal Reserve's regulations.
A review appraisal should verify: whether the original appraisal or evaluation is fitting for the transaction, the liability inherit in the transaction, and whether the manner by which the property valuation is rendered guarantees independence and quality. They must also announce whether the appraisal or evaluation report is consistent with the letter of engagement, which sets forth the extent of the appraisal assignment. Lastly, the Fed 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 tailoring our work to the procedures and guidelines of our review customers, there are four Fannie Mae forms that are mostly used for review services, and we will 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 Hatch Appraisal LLC, we're qualified in every form of appraisal review, review procedure and the responsibilities of review appraisers.
Hatch Appraisal LLC understands what the typical report inadequacies are, especially in our home market, as well as what amounts to a quality appraisal. We're also experienced enough to know that the competition in our market are able to do quality work. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can rely on us to objectively review appraisal reports carried out by others. And those others could be evaluating our work, too!
For professional, fair, ethical appraisal review services and independent judgments, you can depend on Hatch Appraisal LLC. Contact Hatch Appraisal LLC for more information about our qualifications, expertise and services offered.