Getting a second opinion on an appraisalAccording to a statement by the Federal Reserve (click here), "financial institutions must have an effective, independent real estate appraisal and evaluation program" and that appraisers preparing reviews ought to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Michael Hodges Appraisals, Inc. provides appraisal review services that are objective, expert, professional and in line with the Federal Reserve's rules.
A review appraisal has to ascertain: whether the original appraisal or evaluation is pertinent for the transaction, the risk inherit in the transaction, and whether the procedure by which the real estate valuation is rendered guarantees independence and quality. Moreover, they should signify whether the appraisal or evaluation report is in line with the letter of engagement, which gives an account of the scope of the appraisal assignment. Lastly, the Federal Reserve also notes 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 coordinating our work to the forms and guidelines of our review customers, there are four Fannie Mae forms that are widely used for review services, and we can produce 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 Michael Hodges Appraisals, Inc., we're skilled in all forms of appraisal reviews, review processes and the requirements of review appraisers.
We realize what represents a quality appraisal and what the most frequent errors are, specifically in our local real estate market. At the same time, we're adequately skilled to recognize that our competition in our market are skillful in doing good work. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can rely on us to fairly examine appraisal reports executed by others. And those others could be studying our work, too!
In short, when you choose Michael Hodges Appraisals, Inc., you can have confidence in our independent judgment, because we offer professional, impartial, ethical appraisal review services for our clients. Contact Michael Hodges Appraisals, Inc. for more information regarding our qualifications, expertise and services offered.