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Qualified Appraisal Reviews by 4AppraisalsAccording 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 doing reviews are obligated to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Hallmark Appraisals provides appraisal review services that are objective, efficient, professional and square with the Federal Reserve's regulations.A review appraisal has to find out: whether the original appraisal or evaluation is relevant for the transaction, the risk inherit in the transaction, and whether the method by which the collateral valuation is attained guarantees independence and quality. They should also indicate whether the appraisal or evaluation report is true to the letter of engagement, which gives an account of the range 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 adjusting our work to the practices and guidelines of our review customers, there are four Fannie Mae forms that are generally used for review services, and we can develop an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At Hallmark Appraisals, we're qualified in every form of appraisal review, review procedure and the requirements of review appraisers.
In short, at Hallmark Appraisals, you can have confidence in our neutral judgment, because we offer professional, fair, ethical appraisal review services for our customers. Contact us regarding our qualifications, expertise and services offered. |
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Hallmark Appraisals realizes what the most frequent report inadequacies are, especially in our home market, as well as what amounts to a quality appraisal.
In this regard, the professionals at Hallmark Appraisals are sufficiently trained to identify that the competition in our market are capable of doing quality work.
The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can count on Hallmark Appraisals to justly examine appraisal reports completed by others. And those others might be studying our work, too!