Appraisal Reviews

As said in an announcement by the Federal Reserve, "financial institutions are required to have an effective, impartial real estate appraisal and evaluation program," and that appraisers doing reviews ought to "have the knowledge and skillfulness to assess compliance with the Federal Reserves appraisal regulations and guidelines." James Earp Appraisal Service provides appraisal review services that are independent, expert, professional and in line with the Federal Reserve's rules.

As stated by the Federal Reserve, appraisal reviews "have to verify whether the appraisal or evaluation is relevant for the transaction, the liability of the transaction, and whether the process by which the collateral valuation is accomplished ensures independence and quality." Moreover, they "must indicate whether the appraisal or evaluation report is compatible with the letter of engagement, which sets forth the capacity of the appraisal assignment." Last, The Federal Reserve states that "some banks reinforce typical reviews with post-funding surveys of appraisal quality for some of their high-risk or larger-value contracts as a channel to help in addressing valuation problems."

In addition to adapting our work to the forms and guidelines of our review customers, there are four Fannie Mae forms that are normally used for review services, and we'll 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 trained in every kind of appraisal review, review practice and the responsibilities of review appraisers.