Appraisal Reviews

As stated in an announcement by the Federal Reserve, "financial institutions must have an effective, unbiased real estate appraisal and evaluation program," and that appraisers doing reviews have to "have the proficiency and expertise to evaluate compliance with the Federal Reserves appraisal regulations and guidelines." Appraisal Works provides appraisal review services that are independent, expert, professional and square with the Federal Reserve's guidelines.

Appraisal reviews "ought to figure out whether the appraisal or evaluation is suitable for the transaction, the uncertainty of the transaction, and whether the actions by which the collateral valuation is obtained ensures independence and quality," as stated by the Federal Reserve. They "should also show whether the appraisal or evaluation report is even with the letter of engagement, which describes the scope of the appraisal assignment." Last, The Federal Reserve notes that "some institutions augment regular reviews with post-funding assessments of appraisal quality for any of their higher-risk or higher-value dealings as a method to aid in uncovering valuation dilemmas."

In addition to adapting our work to the forms and guidelines of our review clients, there are four Fannie Mae forms that are largely 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. At Appraisal Works, we're trained in all kinds of appraisal reviews, review processes and the obligations of review appraisers.