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 it's the expectation of appraisers engaged in reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." The Hohman Appraisal Company provides appraisal review services that are objective, expert, professional and compliant with the Federal Reserve's rules.
The purpose of appraisal reviews are to determine: whether the original appraisal or evaluation is applicable for the transaction, the liability inherit in the transaction, and whether the processes by which the collateral valuation is rendered guarantees independence and quality. In addition, they should signify whether the appraisal or evaluation report is in line with the letter of engagement, which sets forth the capacity of the appraisal assignment. Lastly, the Fed 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 adjusting our work to the procedures and guidelines of our review clients, there are four Fannie Mae forms that are mostly used for review services, and we'll prepare 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 The Hohman Appraisal Company, we're experienced in all types of appraisal reviews, review practices and the requirements of review appraisers.
The Hohman Appraisal Company realizes what the most common report defects are, specifically in our real estate market, as well as what represents a quality appraisal. The professionals at The Hohman Appraisal Company are also adequately experienced to know that our competitors in our market are qualified to do a good job. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can count on us to ethically look over appraisal reports performed by others. And those others could be studying our work, too!
You can rely on The Hohman Appraisal Company for our neutral judgment, because we offer professional, fair, ethical appraisal review services for our clients. Contact us regarding our qualifications, expertise and service offerings.