Appraisal Reviews

As said in an announcement by the Federal Reserve, "financial institutions are required to have effective, independent real estate appraisal and evaluation procedures," and that appraisers completing reviews ought to "have the ability and skillfulness to assess compliance with the Federal Reserves appraisal regulations and guidelines." If you need appraisal review services that are independent, efficient, professional and compliant with the Federal Reserve's guidelines, contact Metro Appraisals.

Appraisal reviews "have to determine whether the appraisal or evaluation is well-suited for the transaction, the liability of the transaction, and whether the manner by which the collateral valuation is attained ensures independence and quality," as stated by the Federal Reserve. Moreover, they "should signify whether the appraisal or evaluation report is even with the engagement letter, which sets forth the capacity of the appraisal assignment." Lastly, the Federal Reserve says that "some institutions add periodic reviews with post-funding surveys of appraisal quality for a number of their higher-liability or greater-value contracts as a control to assist in uncovering valuation concerns."

In addition to tailoring our work to the regulations and guidelines of our review clients, there are four Fannie Mae forms that are usually 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 Metro Appraisals, we're experienced in all types of appraisal reviews, review procedures and the requirements of review appraisers.