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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 it's the obligation of appraisers engaged in reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Hancock Appraisals provides appraisal review services that are objective, qualified, professional and in accordance with the Federal Reserve's regulations.A review appraisal should pursue: whether the original appraisal or evaluation is suitable for the transaction, the risk inherit in the transaction, and whether the process by which the collateral valuation is attained ensures independence and quality. They should also denote whether the appraisal or evaluation report matches the letter of engagement, which gives an account of the extent of the appraisal assignment. The Fed 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 adjusting our work to the procedures and guidelines of our review clients, there are four Fannie Mae forms that are usually 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. At Hancock Appraisals, we're trained in every form of appraisal review, review process and the obligations of review appraisers.
Here at Hancock Appraisals, you can rely on our neutral judgment, because we offer professional, impartial, ethical appraisal review services for our customers. Contact us for more information about our qualifications, expertise and services offered. |
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Hancock Appraisals is aware of what represents a quality appraisal and what the biggest inadequacies are, especially in our local real estate market.
We're also adequately experienced to respect that the competition in our market are capable of doing quality work.
The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can rely on Hancock Appraisals to fairly evaluate appraisal reports performed by others. And those others might be examining our work, too!