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Savvy Appraisal Reviews by Hoffman Appraisals, LLC
According to an announcement
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."
Hoffman Appraisals, LLC provides appraisal review services that are unbiased, qualified, professional and square with the Federal Reserve's regulations.
A review appraisal should verify: whether the original appraisal or evaluation is well-suited for the transaction, the risk inherit in the transaction, and whether the processes by which the real estate valuation is attained ensures independence and quality.
The review should also denote whether the appraisal or evaluation report is in line with the engagement letter, which gives an account of the depth of the appraisal assignment.
Lastly, the Federal Reserve also goes on to say 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".
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If you have questions regarding an appraisal, or if you need a real estate appraisal review, call us today. |
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In addition to tailoring our work to the procedures and guidelines of our review clients, there are four Fannie Mae forms that are normally used for review services, and we will develop an appraisal review on any one of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form.
Here at Hoffman Appraisals, LLC, we're experienced in all kinds of appraisal reviews, review procedures and the obligations of review appraisers.
We are familiar with what the most likely report inadequacies are, especially in our home market, as well as what amounts to a quality appraisal.
In the same regard, we're skilled enough to admit that the competitors in our market are skillful in doing a good job.
The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can count on Hoffman Appraisals, LLC to objectively evaluate appraisal reports executed by others. And those others could be evaluating our work, too!
In short, here at Hoffman Appraisals, LLC, you can trust our independent judgment, because we offer professional, impartial, ethical appraisal review services for our customers.
Contact Hoffman Appraisals, LLC for more information regarding our qualifications, expertise and services offered.
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