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Appraisal ReviewsAs 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 expectation of appraisers completing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." At Hub Appraisal, we provide appraisal review services that are unbiased, qualified, professional and in line with the Federal Reserve's rules.A review appraisal should find out: whether the original appraisal or evaluation is well-suited for the transaction, the liability inherit in the transaction, and whether the methods by which the real estate valuation is accomplished guarantees independence and quality. They should also signify whether the appraisal or evaluation report is true to the letter of engagement, which sets forth the scope of the appraisal assignment. Lastly, the Federal Reserve also 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 tailoring our work to the regulations and guidelines of our review customers, there are four Fannie Mae forms that are primarily used for review services, and we'll produce an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At Hub Appraisal, we are trained in every type of appraisal review, review process and the requirements of review appraisers.
You can rely on Hub Appraisal for our independent judgment, because we offer professional, impartial, ethical appraisal review services for our customers. Contact us for more information regarding our qualifications, expertise and service offerings. |
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We are familiar with what the most likely report defects are, especially in our home market, as well as what makes a quality appraisal. In this regard, we're adequately experienced to distinguish that the competition in our market are capable of a great job. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can trust Hub Appraisal to justly look over appraisal reports completed by others. And those others could be studying our work, too!