Quality Appraisal Reviews with ASAP Appraisal Group

As said in a statement by the Federal Reserve, "financial institutions are required to have an effective, unbiased real estate appraisal and evaluation plan," and that appraisers completing reviews must "have the knowledge and skillfulness to evaluate compliance with the Federal Reserves appraisal rules and guidelines." ASAP Appraisal Group provides appraisal review services that are impartial, efficient, professional and in line with the Federal Reserve's regulations.

Appraisal reviews "have to find out whether the appraisal or evaluation is appropriate for the transaction, the uncertainty of the transaction, and whether the actions by which the collateral valuation is acquired guarantees independence and quality," according to the Federal Reserve. In addition, they "must signify whether the appraisal or evaluation report is consistent with the engagement letter, which sets forth the range of the appraisal assignment." Last, The Federal Reserve notes that "some institutions reinforce regular reviews with post-funding evaluations of appraisal quality for some of their high-risk or greater-value transactions as a channel to help in addressing valuation dilemmas."

In addition to adapting our work to the procedures and guidelines of our review clients, there are four Fannie Mae forms that are typically used for review services, and we can 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 ASAP Appraisal Group, we're trained in all types of appraisal reviews, review practices and the responsibilities of review appraisers.