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 appraisers producing reviews are compelled to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Hawaiian Appraisals provides appraisal review services that are objective, efficient, professional and compliant with the Federal Reserve's regulations.
The purpose of appraisal reviews are to verify: whether the original appraisal or evaluation is well-suited for the transaction, the exposure inherit in the transaction, and whether the actions by which the property valuation is rendered ensures independence and quality. Moreover, they should signify whether the appraisal or evaluation report is in line with the engagement letter, which sets forth the capacity of the appraisal assignment. The Federal Reserve says 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 customers, there are four Fannie Mae forms that are largely used for review services, and we can formulate an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. Here at Hawaiian Appraisals, we're experienced in all types of appraisal reviews, review processes and the responsibilities of review appraisers.
Hawaiian Appraisals knows what the most frequent reporting imperfections are, specifically in our housing market. We also understand what amounts to a quality appraisal. The professionals at Hawaiian Appraisals are also experienced enough to admit that the competition in our market are capable of doing good work. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can count on Hawaiian Appraisals to fairly assess appraisal reports executed by others. And those others might be examining our work, too!
In short, when you choose Hawaiian Appraisals, you can count on our honest judgment, because we offer professional, fair, ethical appraisal review services for our customers. Contact Hawaiian Appraisals regarding our qualifications, expertise and services offered.