Appraisal Reviews with Harlin Young & Co.As said in 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 doing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Harlin Young & Co. provides appraisal review services that are unbiased, efficient, professional and compliant with the Federal Reserve's rules.
The purpose of appraisal reviews are to ascertain: whether the original appraisal or evaluation is pertinent for the transaction, the liability inherit in the transaction, and whether the method by which the collateral valuation is attained guarantees independence and quality. Moreover, they must demonstrate whether the appraisal or evaluation report is compatible with the letter of engagement, which gives an account of the capacity of the appraisal assignment. Lastly, 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 coordinating 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 formulate an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At Harlin Young & Co., we're experienced in every kind of appraisal review, review procedure and the responsibilities of review appraisers.
We realize what the most common reporting weaknesses are, specifically in our home market. We also know what constitutes a quality appraisal. We're also adequately skilled to know that the competitors in our market are capable of a fine job. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can count on Harlin Young & Co. to justly examine appraisal reports completed by others. And those others could be examining our work, too!
When you choose Harlin Young & Co., you can trust our honest judgment, because we offer professional, unbiased, ethical appraisal review services for our customers. Contact Harlin Young & Co. to learn more about our qualifications, expertise and service offerings.