Quality Appraisal Reviews with Appraisal Concepts Team

As said in an announcement by the Federal Reserve, "financial institutions must have an effective, impartial real estate appraisal and evaluation plan," and that appraisers completing reviews are obligated to "have the knowledge and skillfulness to evaluate compliance with the Federal Reserves appraisal regulations and guidelines." At Appraisal Concepts Team, we provide appraisal review services that are independent, expert, professional and in accordance with the Federal Reserve's rules.

Appraisal reviews "must find out whether the appraisal or evaluation is pertinent for the transaction, the risk of the transaction, and whether the processes by which the collateral valuation is collected guarantees independence and quality," as stated by the Federal Reserve. In addition, they "should show whether the appraisal or evaluation report is consistent with the letter of engagement, which gives an account of the extent of the appraisal assignment." Last, The Federal Reserve says that "some banks add routine reviews with post-funding surveys of appraisal quality for some of their high-risk or large-value affairs as a way to assist in addressing valuation concerns."

In addition to coordinating our work to the processes and guidelines of our review clients, there are four Fannie Mae forms that are widely used for review services, and we can prepare 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 Appraisal Concepts Team, we are skilled in all types of appraisal reviews, review processes and the requirements of review appraisers.