Appraisal Reviews by Elite Appraisal Services

As said in a statement by the Federal Reserve, "financial institutions must have an effective, impartial real estate appraisal and evaluation plan," and that appraisers fulfilling reviews should "have the knowledge and skills to evaluate compliance with the Federal Reserves appraisal rules and guidelines." Here at Elite Appraisal Services, we provide appraisal review services that are objective, expert, professional and compliant with the Federal Reserve's regulations.

Appraisal reviews "should verify whether the appraisal or evaluation is relevant for the transaction, the danger of the transaction, and whether the procedures by which the collateral valuation is obtained guarantees independence and quality," the Federal Reserve says. They "must also signify whether the appraisal or evaluation report is even with the letter of engagement, which describes the scope of the appraisal assignment." The Federal Reserve also states that "some financial institutions reinforce periodic reviews with post-funding assessments of appraisal quality for some of their higher-liability or higher-value affairs as a channel to aid in addressing valuation disputes."

In addition to adjusting our work to the regulations and guidelines of our review clients, there are four Fannie Mae forms that are normally used for review services, and we'll prepare an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. Here at Elite Appraisal Services, we're experienced in every form of appraisal review, review process and the responsibilities of review appraisers.