Appraisal Reviews

As stated in an announcement by the Federal Reserve, "financial institutions are required to have an effective, objective real estate appraisal and evaluation plan," and that appraisers completing reviews have to "have the ability and skills to assess compliance with the Federal Reserves appraisal regulations and guidelines." At Andrews Appraisals, Inc., we provide appraisal review services that are objective, expert, professional and compliant with the Federal Reserve's regulations.

As stated by the Federal Reserve, appraisal reviews "must find out whether the appraisal or evaluation is relevant for the transaction, the danger of the transaction, and whether the actions by which the collateral valuation is acquired ensures independence and quality." They "must also denote whether the appraisal or evaluation report is compatible with the letter of engagement, which sets forth the scope of the appraisal assignment." The Federal Reserve also states that "some institutions add regular reviews with post-funding evaluations of appraisal quality for any of their higher-liability or greater-value affairs as a method to help in revealing valuation disputes."

In addition to tailoring our work to the regulations and guidelines of our review customers, there are four Fannie Mae forms that are usually used for review services, and we can 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. Here at Andrews Appraisals, Inc., we're skilled in every form of appraisal review, review process and the responsibilities of review appraisers.