Appraisal Reviews with James Earp Appraisal Service

As stated in an announcement by the Federal Reserve, "financial institutions must have effective, objective real estate appraisal and evaluation plans," and that appraisers doing reviews must "have the ability and expertise to evaluate compliance with the Federal Reserves appraisal rules and guidelines." James Earp Appraisal Service provides appraisal review services that are objective, qualified, professional and compliant with the Federal Reserve's regulations.

Appraisal reviews "ought to figure out whether the appraisal or evaluation is fitting for the transaction, the liability of the transaction, and whether the means by which the collateral valuation is collected ensures independence and quality," the Federal Reserve says. Moreover, they "should show whether the appraisal or evaluation report matches the engagement letter, which sets forth the scope of the appraisal assignment." Last, The Federal Reserve states that "some banks augment regular reviews with post-funding evaluations of appraisal quality for a number of their high-liability or larger-value transactions as a channel to help in exposing valuation dilemmas."

In addition to adjusting our work to the regulations and guidelines of our review customers, there are four Fannie Mae forms that are mostly used for review services, and we can prepare 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're skilled in all types of appraisal reviews, review practices and the obligations of review appraisers.