Quality Appraisal Reviews with The Residential Appraiser

As said in a statement by the Federal Reserve, "financial institutions must have effective, independent real estate appraisal and evaluation procedures," and that appraisers performing reviews are obligated to "have the proficiency and skillfulness to assess compliance with the Federal Reserves appraisal regulations and guidelines." At The Residential Appraiser, we provide appraisal review services that are independent, qualified, professional and in line with the Federal Reserve's guidelines.

Appraisal reviews "should verify whether the appraisal or evaluation is applicable for the transaction, the uncertainty of the transaction, and whether the procedures by which the collateral valuation is acquired guarantees independence and quality," the Federal Reserve says. In addition, they "should show whether the appraisal or evaluation report is true to the letter of engagement, which gives an account of the extent of the appraisal assignment." Lastly, the Federal Reserve states that "some financial institutions add routine reviews with post-funding evaluations of appraisal quality for any of their higher-risk or greater-value contracts as a control to aid in exposing valuation complications."

In addition to adjusting our work to the forms and guidelines of our review clients, there are four Fannie Mae forms that are typically used for review services, and we'll produce 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 The Residential Appraiser, we are qualified in every kind of appraisal review, review procedure and the requirements of review appraisers.