Appraisal Reviews

As stated in an announcement by the Federal Reserve, "financial institutions are required to have effective, unbiased real estate appraisal and evaluation procedures," and that appraisers performing reviews are obligated to "have the familiarity and expertise to determine compliance with the Federal Reserves appraisal regulations and guidelines." ASAP Appraisal Group provides appraisal review services that are independent, efficient, professional and in line with the Federal Reserve's regulations.

Appraisal reviews "have to conclude whether the appraisal or evaluation is well-suited for the transaction, the liability of the transaction, and whether the procedure by which the collateral valuation is acquired guarantees independence and quality," according to the Federal Reserve. They "must also signify whether the appraisal or evaluation report is true to the letter of engagement, which describes the outlook of the appraisal assignment." Last, The Federal Reserve notes that "some banks add typical reviews with post-funding assessments of appraisal quality for a few of their higher-liability or greater-value contracts as a channel to help in discovering valuation complications."

In addition to tailoring our work to the processes and guidelines of our review clients, there are four Fannie Mae forms that are typically used for review services, and we can 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 ASAP Appraisal Group, we're experienced in every kind of appraisal review, review process and the requirements of review appraisers.