Appraisal Reviews

As said in a statement by the Federal Reserve, "financial institutions are required to have an effective, independent real estate appraisal and evaluation program," and that appraisers performing reviews should "have the proficiency and skills to determine compliance with the Federal Reserves appraisal rules and guidelines." Compass Appraisals provides appraisal review services that are independent, efficient, professional and compliant with the Federal Reserve's guidelines.

Appraisal reviews "ought to verify whether the appraisal or evaluation is appropriate for the transaction, the danger of the transaction, and whether the method by which the collateral valuation is collected ensures independence and quality," according to the Federal Reserve. They "must also announce whether the appraisal or evaluation report is consistent with the letter of engagement, which sets forth the range of the appraisal assignment." Last, The Federal Reserve says that "some financial institutions augment routine reviews with post-funding assessments of appraisal quality for a few of their higher-liability or greater-value affairs as a control to aid in identifying valuation complications."

In addition to tailoring our work to the regulations and guidelines of our review clients, there are four Fannie Mae forms that are primarily 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 Compass Appraisals, we are qualified in all forms of appraisal reviews, review procedures and the obligations of review appraisers.