Expert Appraisal Reviews by Allen Appraisal Service

As said in an announcement by the Federal Reserve, "financial institutions are obligated to have effective, objective real estate appraisal and evaluation plans," and that appraisers doing reviews must "have the familiarity and expertise to determine compliance with the Federal Reserves appraisal regulations and guidelines." Allen Appraisal Service provides appraisal review services that are objective, expert, professional and in accordance with the Federal Reserve's guidelines.

Appraisal reviews "should conclude whether the appraisal or evaluation is applicable for the transaction, the risk of the transaction, and whether the processes by which the collateral valuation is obtained ensures independence and quality," the Federal Reserve says. In addition, they "should signify whether the appraisal or evaluation report is consistent with the engagement letter, which describes the extent of the appraisal assignment." Last, The Federal Reserve notes that "some financial institutions reinforce periodic reviews with post-funding evaluations of appraisal quality for some of their high-risk or large-value affairs as a channel to assist in discovering valuation issues."

In addition to tailoring our work to the practices and guidelines of our review customers, there are four Fannie Mae forms that are usually used for review services, and we'll produce an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At Allen Appraisal Service, we are experienced in every type of appraisal review, review practice and the responsibilities of review appraisers.