Appraisal Reviews

As said in an announcement by the Federal Reserve, "financial institutions must have an effective, impartial real estate appraisal and evaluation plan," and that appraisers completing reviews ought to "have the knowledge and expertise to determine compliance with the Federal Reserves appraisal rules and guidelines." Here at Smith Appraisal, we provide appraisal review services that are unbiased, expert, professional and in accordance with the Federal Reserve's rules.

The Federal Reserve says appraisal reviews "have to find out whether the appraisal or evaluation is pertinent for the transaction, the liability of the transaction, and whether the manner by which the collateral valuation is attained guarantees independence and quality." Moreover, they "must signify whether the appraisal or evaluation report is consistent with the engagement letter, which describes the capacity of the appraisal assignment." The Federal Reserve also says that "some banks reinforce routine reviews with post-funding surveys of appraisal quality for a number of their higher-liability or large-value contracts as a method to help in detecting valuation concerns."

In addition to adapting our work to the processes and guidelines of our review clients, there are four Fannie Mae forms that are usually used for review services, and we will formulate an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At Smith Appraisal, we are qualified in every kind of appraisal review, review process and the responsibilities of review appraisers.