Experienced Appraisal Reviews by First Class Appraisal

As said in an announcement by the Federal Reserve, "financial institutions are required to have effective, impartial real estate appraisal and evaluation plans," and that appraisers doing reviews have to "have the ability and skillfulness to assess compliance with the Federal Reserves appraisal rules and guidelines." First Class Appraisal provides appraisal review services that are objective, efficient, professional and compliant with the Federal Reserve's rules.

According to the Federal Reserve, appraisal reviews "have to find out whether the appraisal or evaluation is appropriate for the transaction, the risk of the transaction, and whether the practices by which the collateral valuation is accomplished guarantees independence and quality." In addition, they "should announce whether the appraisal or evaluation report is consistent with the letter of engagement, which gives an account of the extent of the appraisal assignment." Lastly, the Federal Reserve notes that "some financial institutions supplement routine reviews with post-funding evaluations of appraisal quality for a few of their higher-risk or greater-value transactions as a way to aid in addressing valuation dilemmas."

In addition to adjusting our work to the procedures and guidelines of our review clients, there are four Fannie Mae forms that are normally used for review services, and we'll produce 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 First Class Appraisal, we're qualified in every form of appraisal review, review procedure and the responsibilities of review appraisers.