Expert Appraisal Reviews by James Earp Appraisal Service

According to an announcement by the Federal Reserve, "financial institutions are obligated to have an effective, independent real estate appraisal and evaluation program," and that appraisers performing reviews must "have the familiarity and expertise to evaluate compliance with the Federal Reserves appraisal regulations and guidelines." Here at James Earp Appraisal Service, we provide appraisal review services that are unbiased, efficient, professional and in line with the Federal Reserve's guidelines.

Appraisal reviews "must figure out whether the appraisal or evaluation is well-suited for the transaction, the risk of the transaction, and whether the means by which the collateral valuation is accomplished ensures independence and quality," as stated by the Federal Reserve. They "must also signify whether the appraisal or evaluation report is even with the letter of engagement, which sets forth the scope of the appraisal assignment." Lastly, the Federal Reserve says that "some institutions augment periodic reviews with post-funding evaluations of appraisal quality for any of their higher-risk or large-value affairs as a means to aid in addressing valuation issues."

In addition to adjusting our work to the processes and guidelines of our review clients, there are four Fannie Mae forms that are primarily used for review services, and we can produce 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 are qualified in every type of appraisal review, review practice and the obligations of review appraisers.