Appraisal Reviews

According to an announcement by the Federal Reserve, "financial institutions must have an effective, impartial real estate appraisal and evaluation program," and that appraisers doing reviews are obligated to "have the ability and skillfulness to determine compliance with the Federal Reserves appraisal regulations and guidelines." At Precise Home Appraisals, we provide appraisal review services that are independent, expert, professional and compliant with the Federal Reserve's guidelines.

Appraisal reviews "must find out whether the appraisal or evaluation is appropriate for the transaction, the danger of the transaction, and whether the procedure by which the collateral valuation is obtained ensures independence and quality," the Federal Reserve says. Moreover, they "must indicate whether the appraisal or evaluation report is compatible with the letter of engagement, which describes the extent of the appraisal assignment." The Federal Reserve also notes that "some institutions reinforce periodic reviews with post-funding surveys of appraisal quality for any of their high-liability or larger-value transactions as a means to assist in identifying valuation disputes."

In addition to coordinating our work to the forms and guidelines of our review customers, there are four Fannie Mae forms that are generally used for review services, and we will develop an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. Here at Precise Home Appraisals, we are skilled in every type of appraisal review, review process and the responsibilities of review appraisers.