Quality Appraisal Reviews by Fox Appraisal Services

According to a statement by the Federal Reserve, "financial institutions are required to have effective, independent real estate appraisal and evaluation procedures," and that appraisers performing reviews are obligated to "have the familiarity and skills to assess compliance with the Federal Reserves appraisal regulations and guidelines." For appraisal review services that are independent, expert, professional and in accordance with the Federal Reserve's rules, contact Fox Appraisal Services.

As stated by the Federal Reserve, appraisal reviews "have to verify whether the appraisal or evaluation is suitable for the transaction, the uncertainty of the transaction, and whether the processes by which the collateral valuation is acquired ensures independence and quality." They "must also indicate whether the appraisal or evaluation report is compatible with the letter of engagement, which gives an account of the range of the appraisal assignment." Lastly, the Federal Reserve states that "some financial institutions augment regular reviews with post-funding evaluations of appraisal quality for any of their high-liability or larger-value contracts as a method to help in revealing valuation concerns."

In addition to adjusting our work to the regulations and guidelines of our review clients, there are four Fannie Mae forms that are usually used for review services, and we will 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. At Fox Appraisal Services, we are qualified in all kinds of appraisal reviews, review procedures and the responsibilities of review appraisers.