Helpful Info for Lenders

Steps to Faster Turn Times

If you worked with appraisers ten years ago, you know how much technology has changed since then. We're taking advantage of those changes! Are you taking advantage of every opportunity you have to speed up the process? Here are some simple suggestions.

Are you providing complete and accurate information about the subject property? There's nothing like being one number off on the street address to add unnecessary time to an appraisal assignment. And if you have a tax parcel number, plat map number, subdivision name or anything else that uniquely identifies the property, please pass it along. We never turn down sales data however be advised that professional appraisers always do their own due diligence on comparable sales, and ours might differ from yours.

1. Let us know up front any details about the property that might make it unique or detract from perceived value. What takes time is analyzing how unique features contribute to or detract from what otherwise would be a property's market value. Let us know up front when you order your report if there are unique features of the home — for example, has it had a recent addition put on, is there a new pool, is it prone to flooding. These are things we'll find out on our own anyway but knowing them up front makes your report arrive more quickly.
2. Are you making the occupants of the home aware of what to expect? One of the most time consuming parts of the appraisal process is setting an appointment with the occupants of the home. Let them know they will hear from us. Hearing from you — someone they've been working with on their loan — a little bit about the appraisal process, who we are, and especially that dusting and polishing won't make it more likely their home will appraise higher, can go a long way toward trimming the time it takes to get an appointment and inspect a home. Encourage them to call us if they want to familiarize themselves with our staff and services. And tell them it's in their interest to set the appointment as quickly as possible!
3. Are you using the web to keep track of your report's status? Phone and fax tag are a thing of the past when it comes to obtaining a status report or communicating important information concerning the appraisal. Feel free to contact us via email using attachments, etc. to relay information and status changes as they occur.

Appraiser Ethics

Appraisal is a profession, and appraisers are professionals. In our field as with any profession we are bound by ethical considerations.

Our primary responsibility is to our client.  Normally, in residential practice, the appraiser's client is the lender ordering the appraisal to decide whether to make the mortgage loan.  Appraisers have certain duties of confidentiality to their clients as well as obligations of numerical accuracy depending on the assignment parameters, an obligation to attain and maintain a certain level of competency and education, and must generally conduct him or herself as a professional.  Here, we take these ethical responsibilities very seriously.

What is USPAP?

USPAP (pronounced "YOOS-pap") is the Uniform Standards of Professional Appraisal Practice. USPAP is published and maintained by the Appraisal Standards Board (ASB) of the Appraisal Foundation, a non-governmental entity charged by Congress with promulgating appraisal standards.

USPAP is revised periodically, usually annually. It includes sections covering rules, such as an Ethics Rule, a Departure Rule, and a Competency Rule. It includes 10 Standards and Advisory Opinions, such as "When does USPAP apply in valuation services?" and "Clarification of the client in a federally related transaction," which describe real-life problems and how they would be governed under the Rules and Standards of USPAP. Every appraiser is charged with knowing and following USPAP, usually in accordance with state law, and must complete Continuing Education periodically to become familiar with new Advisory Opinions and annual changes to USPAP.

The Federal Reserve has recently reiterated that "financial institutions must have an effective, independent real estate appraisal and evaluation program," and that appraisers performing reviews should "have the knowledge and expertise to assess compliance with the Federal Reserves appraisal regulations and guidelines."

Tampa Appraisal Network Incorporated has the expertise to provide appraisal review services that are independent, qualified, professional and square with the Federal Reserve's guidelines.

In addition to conforming our work to the forms and guidelines of our review clients, there are four Fannie Mae forms that are generally used for review services, and we can prepare an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. We are experienced in all types of appraisal reviews, review procedures and the responsibilities of review appraisers. We understand what makes a quality appraisal and what the most common deficiencies are, especially in our home market. At the same time, we are professional enough to recognize that our competitors in our market are capable of doing a good job! The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can count on us to ethically evaluate appraisal reports performed by others.

You can rely on our independent judgment, because we offer professional, objective, ethical appraisal review services for our clients. Browse our website to learn more about our qualifications, expertise and services offered.

Our Services

We are a leading provider of appraisals for:

• Primary and Secondary Mortgages
• Mortgage Refinancing
• Private Mortgage Insurance Removal
• Estate Planning
• Divorce Settlement
• FHA Financing