Qualified Appraisal Reviews with Precise Appraisals

As said in a statement by the Federal Reserve, "financial institutions are obligated to have an effective, impartial real estate appraisal and evaluation plan," and that appraisers completing reviews are obligated to "have the proficiency and expertise to evaluate compliance with the Federal Reserves appraisal regulations and guidelines." Here at Precise Appraisals, we provide appraisal review services that are objective, efficient, professional and in line with the Federal Reserve's guidelines.

The Federal Reserve says appraisal reviews "should find out whether the appraisal or evaluation is well-suited for the transaction, the risk of the transaction, and whether the practices by which the collateral valuation is obtained guarantees independence and quality." They "must also indicate whether the appraisal or evaluation report is even with the engagement letter, which sets forth the scope of the appraisal assignment." Lastly, the Federal Reserve notes that "some financial institutions supplement regular reviews with post-funding evaluations of appraisal quality for any of their higher-liability or high-value dealings as a means to assist in addressing valuation issues."

In addition to adapting our work to the regulations and guidelines of our review customers, there are four Fannie Mae forms that are primarily used for review services, and we can 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 Precise Appraisals, we are qualified in every form of appraisal review, review practice and the requirements of review appraisers.