James Earp Appraisal Service Appraisal Reviews

As stated in an announcement by the Federal Reserve, "financial institutions are obligated to have an effective, unbiased real estate appraisal and evaluation plan," and that appraisers performing reviews ought to "have the familiarity and expertise to determine compliance with the Federal Reserves appraisal rules and guidelines." For appraisal review services that are objective, efficient, professional and in accordance with the Federal Reserve's guidelines, look no further than James Earp Appraisal Service.

Appraisal reviews "must find out whether the appraisal or evaluation is pertinent for the transaction, the danger of the transaction, and whether the means by which the collateral valuation is acquired guarantees independence and quality," as stated by the Federal Reserve. Moreover, they "must announce whether the appraisal or evaluation report is consistent with the letter of engagement, which gives an account of the scope of the appraisal assignment." The Federal Reserve also says that "some financial institutions add routine reviews with post-funding assessments of appraisal quality for a number of their higher-liability or larger-value affairs as a control to assist in uncovering valuation problems."

In addition to adjusting our work to the regulations and guidelines of our review clients, there are four Fannie Mae forms that are largely used for review services, and we can develop an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At James Earp Appraisal Service, we're experienced in every type of appraisal review, review practice and the responsibilities of review appraisers.