Appraisal Reviews

As said in an announcement by the Federal Reserve, "financial institutions must have an effective, objective real estate appraisal and evaluation program," and that appraisers completing reviews ought to "have the knowledge and skillfulness to evaluate compliance with the Federal Reserves appraisal regulations and guidelines." If you need appraisal review services that are independent, expert, professional and in line with the Federal Reserve's regulations, contact Lee Pruett Appraisal Svc.

Appraisal reviews "should figure out whether the appraisal or evaluation is relevant for the transaction, the risk of the transaction, and whether the processes by which the collateral valuation is acquired ensures independence and quality," as stated by the Federal Reserve. Moreover, they "should indicate whether the appraisal or evaluation report is even with the letter of engagement, which describes the extent of the appraisal assignment." Last, The Federal Reserve says that "some banks supplement periodic reviews with post-funding surveys of appraisal quality for any of their high-liability or large-value contracts as a control to help in detecting valuation problems."

In addition to coordinating our work to the forms and guidelines of our review customers, there are four Fannie Mae forms that are widely used for review services, and we will develop 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 Lee Pruett Appraisal Svc, we are experienced in every type of appraisal review, review process and the responsibilities of review appraisers.