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Appraisal Reviews by Hardy Appraisal ServiceAccording to an announcement by the Federal Reserve (click here), "financial institutions must have an effective, independent real estate appraisal and evaluation program" and that appraisers performing reviews must "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." At Hardy Appraisal Service, we provide appraisal review services that are objective, qualified, professional and in accordance with the Federal Reserve's rules.A review appraisal has to determine: whether the original appraisal or evaluation is fitting for the transaction, the liability inherit in the transaction, and whether the procedure by which the collateral valuation is acquired guarantees independence and quality. The review must also demonstrate whether the appraisal or evaluation report is true to the letter of engagement, which sets forth the depth of the appraisal assignment. Lastly, the Fed 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 coordinating our work to the procedures and guidelines of our review clients, there are four Fannie Mae forms that are widely used for review services, and we'll develop 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 Hardy Appraisal Service, we are experienced in every form of appraisal review, review process and the obligations of review appraisers.
For professional, unbiased, ethical appraisal review services and honest judgments, you can rely on Hardy Appraisal Service. Contact us for more information regarding our qualifications, expertise and services offered. |
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Hardy Appraisal Service understands what the most frequent report imperfections are, specifically in our home market, as well as what amounts to a quality appraisal.
We're also amply skilled to identify that the competitors in our market are capable of doing quality work.
The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can trust Hardy Appraisal Service to lawfully review appraisal reports done by others. And those others could be examining our work, too!