Quality Appraisal Reviews with ASAP Appraisal Group

According to a statement by the Federal Reserve, "financial institutions are required to have an effective, objective real estate appraisal and evaluation program," and that appraisers performing reviews have to "have the ability and expertise to evaluate compliance with the Federal Reserves appraisal regulations and guidelines." Here at ASAP Appraisal Group, we provide appraisal review services that are unbiased, qualified, professional and in accordance with the Federal Reserve's regulations.

Appraisal reviews "must decide whether the appraisal or evaluation is relevant for the transaction, the uncertainty of the transaction, and whether the actions by which the collateral valuation is accomplished ensures independence and quality," according to the Federal Reserve. In addition, they "should announce whether the appraisal or evaluation report is even with the letter of engagement, which gives an account of the outlook of the appraisal assignment." The Federal Reserve also says that "some financial institutions augment periodic reviews with post-funding evaluations of appraisal quality for any of their high-liability or higher-value dealings as a channel to help in discovering valuation complications."

In addition to conforming our work to the practices and guidelines of our review clients, there are four Fannie Mae forms that are typically used for review services, and we can develop 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 ASAP Appraisal Group, we're experienced in every kind of appraisal review, review procedure and the obligations of review appraisers.