ASAP Appraisal Group Appraisal Reviews

According to a statement by the Federal Reserve, "financial institutions are required to have an effective, unbiased real estate appraisal and evaluation plan," and that appraisers doing reviews ought to "have the ability and skills to evaluate compliance with the Federal Reserves appraisal rules and guidelines." ASAP Appraisal Group provides appraisal review services that are impartial, efficient, professional and square with the Federal Reserve's guidelines.

As stated by the Federal Reserve, appraisal reviews "have to find out whether the appraisal or evaluation is fitting for the transaction, the risk of the transaction, and whether the method by which the collateral valuation is acquired guarantees independence and quality." Moreover, they "must indicate whether the appraisal or evaluation report is consistent with the letter of engagement, which gives an account of the extent of the appraisal assignment." The Federal Reserve also says that "some institutions supplement regular reviews with post-funding surveys of appraisal quality for any of their higher-risk or greater-value affairs as a method to aid in addressing valuation complications."

In addition to conforming our work to the procedures and guidelines of our review customers, there are four Fannie Mae forms that are mostly used for review services, and we will 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 skilled in all kinds of appraisal reviews, review processes and the requirements of review appraisers.