Experienced Appraisal Reviews by Hometowne AppraisalsAs 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 are obligated to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Hometowne Appraisals provides appraisal review services that are impartial, efficient, professional and compliant with the Federal Reserve's rules.
The purpose of appraisal reviews are to verify: whether the original appraisal or evaluation is fitting for the transaction, the risk inherit in the transaction, and whether the process by which the property valuation is acquired guarantees independence and quality. The review must also demonstrate whether the appraisal or evaluation report is in line with the engagement letter, which gives an account of the extent of the appraisal assignment. The Fed also 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 conforming our work to the regulations and guidelines of our review customers, there are four Fannie Mae forms that are largely used for review services, and we can prepare 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 Hometowne Appraisals, we are trained in all types of appraisal reviews, review practices and the obligations of review appraisers.
We realize what the most prevalent reporting deficiencies are, specifically in our housing market. We also understand what makes a quality appraisal. The professionals at Hometowne Appraisals are also amply trained to distinguish that our competition in our market are capable of a great job. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can trust us to objectively study appraisal reports carried out by others. And those others might be evaluating our work, too!
In short, when you choose Hometowne Appraisals, you can trust our truthful judgment, because we offer professional, unbiased, ethical appraisal review services for our customers. Contact us regarding our qualifications, expertise and services offered.