Appraisal Reviews

As said in a statement by the Federal Reserve, "financial institutions are obligated to have effective, independent real estate appraisal and evaluation procedures," and that appraisers completing reviews should "have the knowledge and skills to evaluate compliance with the Federal Reserves appraisal regulations and guidelines." At ASAP Appraisal Group, we provide appraisal review services that are impartial, qualified, professional and compliant with the Federal Reserve's rules.

According to the Federal Reserve, appraisal reviews "should determine whether the appraisal or evaluation is pertinent for the transaction, the uncertainty of the transaction, and whether the practices by which the collateral valuation is collected ensures independence and quality." Moreover, they "must denote whether the appraisal or evaluation report is compatible with the letter of engagement, which gives an account of the outlook of the appraisal assignment." The Federal Reserve also says that "some financial institutions supplement typical reviews with post-funding evaluations of appraisal quality for a few of their higher-liability or high-value contracts as a channel to help in detecting valuation disputes."

In addition to adjusting our work to the practices and guidelines of our review customers, there are four Fannie Mae forms that are mostly used for review services, and we can prepare an appraisal review on any one of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. Here at ASAP Appraisal Group, we are experienced in every form of appraisal review, review practice and the obligations of review appraisers.