Smart Appraisals Appraisal Reviews

As said in an announcement by the Federal Reserve, "financial institutions must have an effective, impartial real estate appraisal and evaluation program," and that appraisers fulfilling reviews are obligated to "have the familiarity and skills to evaluate compliance with the Federal Reserves appraisal regulations and guidelines." Smart Appraisals provides appraisal review services that are objective, efficient, professional and in line with the Federal Reserve's rules.

Appraisal reviews "should determine whether the appraisal or evaluation is applicable for the transaction, the danger of the transaction, and whether the methods by which the collateral valuation is collected ensures independence and quality," the Federal Reserve says. They "should also indicate 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 supplement periodic reviews with post-funding evaluations of appraisal quality for some of their high-liability or higher-value contracts as a means to assist in exposing valuation dilemmas."

In addition to coordinating our work to the regulations and guidelines of our review customers, there are four Fannie Mae forms that are mostly used for review services, and we'll prepare an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. Here at Smart Appraisals, we are qualified in all types of appraisal reviews, review procedures and the requirements of review appraisers.