Appraisal Reviews

According to a statement by the Federal Reserve, "financial institutions are obligated to have an effective, independent real estate appraisal and evaluation program," and that appraisers performing reviews ought to "have the knowledge and skills to determine compliance with the Federal Reserves appraisal rules and guidelines." For appraisal review services that are objective, qualified, professional and in accordance with the Federal Reserve's regulations, contact Elite Appraisal Services.

Appraisal reviews "ought to figure out whether the appraisal or evaluation is fitting for the transaction, the liability of the transaction, and whether the practices by which the collateral valuation is acquired ensures independence and quality," the Federal Reserve says. In addition, they "should announce whether the appraisal or evaluation report is true to the letter of engagement, which describes the outlook of the appraisal assignment." Last, The Federal Reserve says that "some financial institutions augment routine reviews with post-funding surveys of appraisal quality for any of their higher-liability or high-value contracts as a method to assist in addressing valuation issues."

In addition to adapting 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 one of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At Elite Appraisal Services, we are skilled in all kinds of appraisal reviews, review procedures and the requirements of review appraisers.