Savvy Appraisal Reviews with Don Hess Appraisal ServicesAccording to a statement by the Federal Reserve (click here), "financial institutions must have an effective, independent real estate appraisal and evaluation program" and that it's the duty of appraisers undertaking reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Don Hess Appraisal Services provides appraisal review services that are independent, qualified, professional and in accordance with the Federal Reserve's guidelines.
The purpose of appraisal reviews are to find out: whether the original appraisal or evaluation is well-suited for the transaction, the risk inherit in the transaction, and whether the methods by which the property valuation is obtained guarantees independence and quality. In addition, they should show whether the appraisal or evaluation report is true to the engagement letter, which sets forth the capacity of the appraisal assignment. Lastly, the Federal Reserve 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 tailoring our work to the processes and guidelines of our review clients, there are four Fannie Mae forms that are generally 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. At Don Hess Appraisal Services, we're experienced in all kinds of appraisal reviews, review practices and the responsibilities of review appraisers.
Don Hess Appraisal Services understands what the greatest reporting defects are, particularly in our home market. We also understand what makes a quality appraisal. In the same sense, we're amply skilled to acknowledge that our competitors in our market are qualified to do a great job. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can count on Don Hess Appraisal Services to ethically look over appraisal reports done by others. And those others could be studying our work, too!
You can depend on Don Hess Appraisal Services for our honest judgment, because we offer professional, unbiased, ethical appraisal review services for our clients. Contact Don Hess Appraisal Services to learn more about our qualifications, expertise and service offerings.