Appraisal Reviews

As stated in an announcement by the Federal Reserve, "financial institutions must have effective, independent real estate appraisal and evaluation procedures," and that appraisers performing reviews have to "have the knowledge and expertise to evaluate compliance with the Federal Reserves appraisal rules and guidelines." If you need appraisal review services that are impartial, efficient, professional and compliant with the Federal Reserve's rules, contact Deer Creek Appraisals.

Appraisal reviews "ought to decide whether the appraisal or evaluation is fitting for the transaction, the danger of the transaction, and whether the processes by which the collateral valuation is acquired guarantees independence and quality," as stated by the Federal Reserve. They "must also indicate whether the appraisal or evaluation report is even with the letter of engagement, which describes the range of the appraisal assignment." Last, The Federal Reserve says that "some banks add periodic reviews with post-funding assessments of appraisal quality for any of their high-liability or higher-value transactions as a method to aid in uncovering valuation issues."

In addition to conforming our work to the regulations 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. Here at Deer Creek Appraisals, we are trained in every type of appraisal review, review procedure and the responsibilities of review appraisers.