For honest and ethical appraisals, rely on First Hawaiian Bank Appraisal Department

Appraising is a profession, and appraisers are professionals. The rigors of becoming a licensed appraiser have become more difficult than ever before. That's why it goes without question these days that real estate appraisal can definitely be called a profession rather than a trade. As with any profession we must follow strict ethical considerations.

We have a lot of obligations as appraisers but first and foremost we answer to our clients. Typically, in residential practice, the lender places the order to the appraiser, becoming the appraiser's client. Appraisers have rules and regulations they must follow, including keeping many matters private for their clients a homeowner, if you require to review an appraisal report, you should get it from your lender. Other responsibilities also include, numerical accuracy depending on the scope of the assignment, attaining and sustaining an appropriate level of competency and education, and of course, the appraiser must behave in a professional manner. Maintaining high ethics and client confidentiality is just normal course of business for us at First Hawaiian Bank Appraisal Department.

Appraisers will often be obligated to consider the interests of third parties, such as homeowners, both sellers and buyers, or others. Generally the third parties are specifically defined in the appraisal report. An appraiser's fiduciary responsibility is restricted to those third parties who the appraiser knows, based on the scope of work or other things in the framework of the order.

There are also ethical rules that have nothing to do with clients and others. For example, appraisers must keep their work files for a minimum of five years - something else First Hawaiian Bank Appraisal Department makes a part of their standard routine.

We demand the highest professional integrity possible from ourselves. We don't do assignments on contingency fees. That is, we are not able to agree to do an appraisal report and collect payment on the contingency of the loan closing. Another practice that's restricted is doing assignments on percentage fees. That is perhaps the appraisal industries biggest taboo, because it would invite appraisal fraud since increasing the value of the home would up the their paycheck. We set ourselves to a higher standard. Other improper practices may be established by state law or professional organizations that the appraiser belongs.

The Uniform Standards of Professional Appraisal Practice (USPAP) also defines unethical behavior as the acceptance of an assignment that is contingent on "the reporting of a pre-determined result (e.g., opinion of value)," "a direction in assignment results that favors the cause of the client," "the amount of a value opinion," as well as other situations. We diligently follow these rules to the letter which means you can rest easy knowing we are working hard to provide an unbiased determination of the home or property value.

When you engage First Hawaiian Bank Appraisal Department we'll make sure you're getting the professional service you expect along with the an ethical approach with appraisals that we're known for.