Appraisal Reviews by James Earp Appraisal Service

As stated in an announcement by the Federal Reserve, "financial institutions must have effective, impartial real estate appraisal and evaluation programs," and that appraisers completing reviews are obligated to "have the ability and skillfulness to evaluate compliance with the Federal Reserves appraisal rules and guidelines." For appraisal review services that are independent, qualified, professional and in line with the Federal Reserve's rules, look no further than James Earp Appraisal Service.

Appraisal reviews "must figure out whether the appraisal or evaluation is pertinent for the transaction, the liability of the transaction, and whether the method by which the collateral valuation is accomplished guarantees independence and quality," as stated by the Federal Reserve. Moreover, they "should show whether the appraisal or evaluation report is consistent with the engagement letter, which gives an account of the scope of the appraisal assignment." The Federal Reserve also says that "some financial institutions reinforce regular reviews with post-funding assessments of appraisal quality for any of their higher-risk or larger-value affairs as a control to assist in exposing valuation dilemmas."

In addition to coordinating 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'll produce an appraisal review on any one 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 trained in all forms of appraisal reviews, review processes and the obligations of review appraisers.