|
Getting a second opinion on an appraisalAs said 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 doing reviews have to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." At James M. Hanson Associates, Inc., we provide appraisal review services that are objective, qualified, professional and in accordance with the Federal Reserve's rules.A review appraisal should detect: whether the original appraisal or evaluation is applicable for the transaction, the liability inherit in the transaction, and whether the actions by which the real estate valuation is rendered guarantees independence and quality. The review must also demonstrate whether the appraisal or evaluation report matches the letter of engagement, which sets forth the extent of the appraisal assignment. Lastly, the Fed 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 usually used for review services, and we can 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 James M. Hanson Associates, Inc., we are trained in all types of appraisal reviews, review procedures and the requirements of review appraisers.
You can rely on James M. Hanson Associates, Inc. for our honest judgment, because we offer professional, impartial, ethical appraisal review services for our clients. Contact us for more information about our qualifications, expertise and services offered. |
|||||||||
We know what makes a quality appraisal and what the biggest inadequacies are, particularly when it comes to our local real estate market. The professionals at James M. Hanson Associates, Inc. are also trained enough to acknowledge that our competition in our market are capable of good work. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can count on James M. Hanson Associates, Inc. to ethically study appraisal reports completed by others. And those others could be studying our work, too!