Appraisal Reviews

As said in an announcement by the Federal Reserve, "financial institutions must have an effective, objective real estate appraisal and evaluation plan," and that appraisers doing reviews have to "have the proficiency and skillfulness to evaluate compliance with the Federal Reserves appraisal rules and guidelines." If you need appraisal review services that are impartial, expert, professional and square with the Federal Reserve's guidelines, contact Tim Norris & Associates.

According to the Federal Reserve, appraisal reviews "ought to figure out whether the appraisal or evaluation is fitting for the transaction, the uncertainty of the transaction, and whether the procedures by which the collateral valuation is accomplished guarantees independence and quality." They "must also demonstrate whether the appraisal or evaluation report is true to the engagement letter, which describes the extent of the appraisal assignment." The Federal Reserve also notes that "some financial institutions augment typical reviews with post-funding evaluations of appraisal quality for a number of their higher-risk or large-value dealings as a way to assist in addressing valuation problems."

In addition to tailoring our work to the regulations and guidelines of our review customers, there are four Fannie Mae forms that are widely used for review services, and we can 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 Tim Norris & Associates, we're skilled in every type of appraisal review, review process and the responsibilities of review appraisers.