Appraisal Reviews

According to an announcement by the Federal Reserve, "financial institutions must have an effective, objective real estate appraisal and evaluation plan," and that appraisers doing reviews are obligated to "have the proficiency and skillfulness to determine compliance with the Federal Reserves appraisal regulations and guidelines." If you're looking for appraisal review services that are objective, expert, professional and in accordance with the Federal Reserve's guidelines, contact Berger Real Estate Appraisal & Consulting.

Appraisal reviews "must find out whether the appraisal or evaluation is relevant for the transaction, the risk of the transaction, and whether the manner by which the collateral valuation is collected guarantees independence and quality," as stated by the Federal Reserve. They "must also denote whether the appraisal or evaluation report is even with the letter of engagement, which describes the capacity of the appraisal assignment." Lastly, the Federal Reserve says that "some institutions supplement routine reviews with post-funding evaluations of appraisal quality for a number of their higher-risk or large-value contracts as a channel to help in uncovering valuation concerns."

In addition to conforming our work to the procedures and guidelines of our review clients, there are four Fannie Mae forms that are usually used for review services, and we'll develop 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 Berger Real Estate Appraisal & Consulting, we're skilled in all types of appraisal reviews, review practices and the obligations of review appraisers.