Appraisal Reviews

According to an announcement by the Federal Reserve, "financial institutions are obligated to have an effective, objective real estate appraisal and evaluation program," and that appraisers performing reviews have to "have the proficiency and skills to evaluate compliance with the Federal Reserves appraisal regulations and guidelines." Allan Home Appraisals provides appraisal review services that are objective, expert, professional and in line with the Federal Reserve's guidelines.

Appraisal reviews "must conclude whether the appraisal or evaluation is pertinent for the transaction, the danger of the transaction, and whether the procedure by which the collateral valuation is obtained guarantees independence and quality," according to the Federal Reserve. They "should also demonstrate whether the appraisal or evaluation report is compatible with the engagement letter, which describes the outlook of the appraisal assignment." The Federal Reserve also notes that "some financial institutions supplement typical reviews with post-funding assessments of appraisal quality for a few of their higher-liability or large-value affairs as a control to aid in exposing valuation concerns."

In addition to conforming our work to the procedures and guidelines of our review clients, there are four Fannie Mae forms that are largely used for review services, and we can formulate 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 Allan Home Appraisals , we're skilled in all forms of appraisal reviews, review practices and the obligations of review appraisers.