Appraisal Reviews with The Appraisal Firm

As said in an announcement by the Federal Reserve, "financial institutions are required to have effective, objective real estate appraisal and evaluation procedures," and that appraisers performing reviews must "have the ability and skillfulness to assess compliance with the Federal Reserves appraisal rules and guidelines." The Appraisal Firm provides appraisal review services that are unbiased, efficient, professional and square with the Federal Reserve's regulations.

Appraisal reviews "should figure out whether the appraisal or evaluation is fitting for the transaction, the danger of the transaction, and whether the procedures by which the collateral valuation is acquired ensures independence and quality," according to the Federal Reserve. They "should also indicate whether the appraisal or evaluation report is true to the letter of engagement, which describes the scope of the appraisal assignment." The Federal Reserve also notes that "some banks add routine reviews with post-funding surveys of appraisal quality for a number of their high-liability or greater-value contracts as a channel to aid in detecting valuation disputes."

In addition to conforming our work to the practices and guidelines of our review clients, there are four Fannie Mae forms that are typically used for review services, and we will produce an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At The Appraisal Firm, we're experienced in every type of appraisal review, review process and the obligations of review appraisers.