First Choice Appraisal Appraisal Reviews

As stated in an announcement by the Federal Reserve, "financial institutions are required to have an effective, impartial real estate appraisal and evaluation plan," and that appraisers fulfilling reviews are obligated to "have the ability and skills to evaluate compliance with the Federal Reserves appraisal regulations and guidelines." If you need appraisal review services that are unbiased, qualified, professional and in line with the Federal Reserve's guidelines, just contact First Choice Appraisal.

As stated by the Federal Reserve, appraisal reviews "ought to decide whether the appraisal or evaluation is fitting for the transaction, the risk of the transaction, and whether the procedure by which the collateral valuation is attained ensures independence and quality." They "should also indicate whether the appraisal or evaluation report is consistent with the engagement letter, which gives an account of the scope of the appraisal assignment." Lastly, the Federal Reserve says that "some banks add periodic reviews with post-funding surveys of appraisal quality for any of their high-risk or large-value contracts as a control to assist in discovering valuation complications."

In addition to adapting our work to the processes and guidelines of our review customers, there are four Fannie Mae forms that are largely used for review services, and we'll 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 First Choice Appraisal, we are experienced in all forms of appraisal reviews, review processes and the responsibilities of review appraisers.