Appraisal Reviews by Certified Appraisal Services

According to a statement by the Federal Reserve, "financial institutions are obligated to have effective, unbiased real estate appraisal and evaluation programs," and that appraisers doing reviews must "have the familiarity and skillfulness to assess compliance with the Federal Reserves appraisal rules and guidelines." Certified Appraisal Services provides appraisal review services that are independent, expert, professional and compliant with the Federal Reserve's regulations.

Appraisal reviews "have to figure out whether the appraisal or evaluation is fitting for the transaction, the uncertainty of the transaction, and whether the means by which the collateral valuation is acquired guarantees independence and quality," the Federal Reserve says. Moreover, they "should denote whether the appraisal or evaluation report is consistent with the engagement letter, which gives an account of the range of the appraisal assignment." Last, The Federal Reserve states that "some banks add routine reviews with post-funding surveys of appraisal quality for a few of their higher-risk or greater-value dealings as a method to assist in exposing valuation disputes."

In addition to adjusting our work to the processes and guidelines of our review clients, there are four Fannie Mae forms that are typically used for review services, and we can develop an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At Certified Appraisal Services, we are trained in every type of appraisal review, review process and the obligations of review appraisers.