Appraisal Reviews

As stated in an announcement by the Federal Reserve, "financial institutions are required to have effective, unbiased real estate appraisal and evaluation procedures," and that appraisers doing reviews are obligated to "have the knowledge and skillfulness to assess compliance with the Federal Reserves appraisal rules and guidelines." Timothy Doody provides appraisal review services that are impartial, expert, professional and compliant with the Federal Reserve's guidelines.

The Federal Reserve says appraisal reviews "must figure out whether the appraisal or evaluation is pertinent for the transaction, the danger of the transaction, and whether the procedures by which the collateral valuation is attained ensures independence and quality." Moreover, they "should denote whether the appraisal or evaluation report is true to the engagement letter, which gives an account of the range of the appraisal assignment." Last, The Federal Reserve states that "some financial institutions augment routine reviews with post-funding evaluations of appraisal quality for a few of their high-liability or high-value contracts as a control to help in exposing valuation disputes."

In addition to conforming our work to the processes and guidelines of our review clients, there are four Fannie Mae forms that are usually used for review services, and we will develop 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 Timothy Doody, we're trained in all kinds of appraisal reviews, review procedures and the requirements of review appraisers.