Daily Appraisal Appraisal Reviews

According to an announcement by the Federal Reserve, "financial institutions are obligated to have an effective, objective real estate appraisal and evaluation plan," and that appraisers completing reviews are obligated to "have the proficiency and expertise to assess compliance with the Federal Reserves appraisal regulations and guidelines." For appraisal review services that are independent, expert, professional and compliant with the Federal Reserve's guidelines, contact Daily Appraisal.

According to the Federal Reserve, appraisal reviews "should figure out whether the appraisal or evaluation is appropriate for the transaction, the liability of the transaction, and whether the method by which the collateral valuation is acquired guarantees independence and quality." They "must also signify whether the appraisal or evaluation report is even with the letter of engagement, which gives an account of the extent of the appraisal assignment." The Federal Reserve also states that "some banks add typical reviews with post-funding assessments of appraisal quality for a few of their higher-liability or greater-value dealings as a means to aid in uncovering valuation concerns."

In addition to adjusting our work to the practices and guidelines of our review clients, there are four Fannie Mae forms that are largely used for review services, and we can formulate an appraisal review on any one of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At Daily Appraisal, we are experienced in every type of appraisal review, review practice and the obligations of review appraisers.