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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 must "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Here at David Hammerschmidt, we provide appraisal review services that are independent, expert, professional and in line with the Federal Reserve's rules.The purpose of appraisal reviews are to find out: whether the original appraisal or evaluation is appropriate for the transaction, the risk inherit in the transaction, and whether the process by which the collateral valuation is obtained guarantees independence and quality. In addition, they must indicate whether the appraisal or evaluation report is true to the letter of engagement, which gives an account of the extent of the appraisal assignment. The Federal Reserve 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 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 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 David Hammerschmidt, we are qualified in all forms of appraisal reviews, review practices and the responsibilities of review appraisers.
In short, here at David Hammerschmidt, you can rely on our truthful judgment, because we offer professional, impartial, ethical appraisal review services for our clients. Contact us for more information regarding our qualifications, expertise and services offered. |
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We realize what the typical report defects are, particularly in our real estate market, as well as what constitutes a quality appraisal.
In this regard, we're experienced enough to distinguish that the competition in our market are skillful in doing a great job.
The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can count on David Hammerschmidt to fairly evaluate appraisal reports completed by others. And those others may be examining our work, too!