Appraisal Reviews with Value Source Appraisals

As stated in an announcement by the Federal Reserve, "financial institutions are required to have an effective, independent real estate appraisal and evaluation plan," and that appraisers completing reviews must "have the knowledge and skills to evaluate compliance with the Federal Reserves appraisal rules and guidelines." At Value Source Appraisals, we provide appraisal review services that are independent, expert, professional and in accordance with the Federal Reserve's guidelines.

The Federal Reserve says appraisal reviews "must decide whether the appraisal or evaluation is applicable for the transaction, the danger of the transaction, and whether the processes by which the collateral valuation is attained ensures independence and quality." Moreover, they "should signify whether the appraisal or evaluation report is compatible with the letter of engagement, which describes the range of the appraisal assignment." The Federal Reserve also states that "some banks supplement regular reviews with post-funding evaluations of appraisal quality for some of their high-liability or larger-value contracts as a control to aid in addressing valuation complications."

In addition to adjusting our work to the regulations and guidelines of our review clients, there are four Fannie Mae forms that are mostly used for review services, and we'll formulate an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At Value Source Appraisals, we're skilled in all types of appraisal reviews, review procedures and the obligations of review appraisers.