Expert Appraisal Reviews by ASAP Appraisal Group

As said in a statement by the Federal Reserve, "financial institutions are required to have an effective, impartial real estate appraisal and evaluation plan," and that appraisers completing reviews should "have the knowledge and expertise to evaluate compliance with the Federal Reserves appraisal rules and guidelines." ASAP Appraisal Group provides appraisal review services that are independent, efficient, professional and compliant with the Federal Reserve's guidelines.

Appraisal reviews "should figure out whether the appraisal or evaluation is suitable for the transaction, the liability of the transaction, and whether the process by which the collateral valuation is collected ensures independence and quality," according to the Federal Reserve. They "should also show whether the appraisal or evaluation report is even with the letter of engagement, which describes the outlook of the appraisal assignment." Lastly, the Federal Reserve notes that "some financial institutions supplement typical reviews with post-funding assessments of appraisal quality for any of their higher-risk or greater-value dealings as a control to aid in discovering valuation disputes."

In addition to coordinating our work to the processes and guidelines of our review customers, there are four Fannie Mae forms that are widely 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. At ASAP Appraisal Group, we're trained in every type of appraisal review, review process and the obligations of review appraisers.