Quality Appraisal Reviews by Allen Appraisal Service

As said in an announcement by the Federal Reserve, "financial institutions are obligated to have an effective, impartial real estate appraisal and evaluation program," and that appraisers performing reviews must "have the knowledge and skills to evaluate compliance with the Federal Reserves appraisal regulations and guidelines." Allen Appraisal Service provides appraisal review services that are unbiased, expert, professional and square with the Federal Reserve's rules.

The Federal Reserve says appraisal reviews "must decide whether the appraisal or evaluation is fitting for the transaction, the danger of the transaction, and whether the method by which the collateral valuation is accomplished guarantees independence and quality." Moreover, they "should signify whether the appraisal or evaluation report is consistent with the engagement letter, which gives an account of the scope of the appraisal assignment." Lastly, the Federal Reserve says that "some banks add periodic reviews with post-funding surveys of appraisal quality for a few of their high-risk or high-value dealings as a way to assist in identifying valuation dilemmas."

In addition to adapting our work to the procedures and guidelines of our review customers, there are four Fannie Mae forms that are typically 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. Here at Allen Appraisal Service, we are experienced in all types of appraisal reviews, review procedures and the obligations of review appraisers.