Appraisal Reviews by Allen Appraisal Service

According to an announcement by the Federal Reserve, "financial institutions are obligated to have an effective, unbiased real estate appraisal and evaluation plan," and that appraisers doing reviews should "have the knowledge and skillfulness to evaluate compliance with the Federal Reserves appraisal rules and guidelines." Allen Appraisal Service provides appraisal review services that are independent, qualified, professional and in accordance with the Federal Reserve's rules.

According to the Federal Reserve, appraisal reviews "must find out whether the appraisal or evaluation is applicable for the transaction, the danger of the transaction, and whether the procedures by which the collateral valuation is collected ensures independence and quality." They "must also announce whether the appraisal or evaluation report is compatible with the engagement letter, which sets forth the scope of the appraisal assignment." Lastly, the Federal Reserve states that "some financial institutions reinforce periodic reviews with post-funding evaluations of appraisal quality for any of their higher-risk or larger-value contracts as a method to aid in identifying valuation issues."

In addition to adjusting our work to the procedures and guidelines of our review customers, there are four Fannie Mae forms that are generally used for review services, and we will prepare 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 Allen Appraisal Service, we are experienced in all forms of appraisal reviews, review processes and the requirements of review appraisers.