Appraisal Reviews

As said in an announcement by the Federal Reserve, "financial institutions are required to have effective, impartial real estate appraisal and evaluation procedures," and that appraisers performing reviews ought to "have the ability and skillfulness to assess compliance with the Federal Reserves appraisal rules and guidelines." For appraisal review services that are impartial, expert, professional and square with the Federal Reserve's regulations, look no further than Sun State Appraisals.

Appraisal reviews "ought to conclude whether the appraisal or evaluation is fitting for the transaction, the risk of the transaction, and whether the manner by which the collateral valuation is accomplished guarantees independence and quality," the Federal Reserve says. Moreover, they "should demonstrate whether the appraisal or evaluation report is even with the letter of engagement, which sets forth the scope of the appraisal assignment." Last, The Federal Reserve states that "some banks augment periodic reviews with post-funding surveys of appraisal quality for a number of their high-liability or large-value dealings as a control to help in detecting valuation problems."

In addition to conforming our work to the practices 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. At Sun State Appraisals, we're skilled in all forms of appraisal reviews, review procedures and the obligations of review appraisers.