Appraisal Reviews

As said in a statement by the Federal Reserve, "financial institutions are required to have an effective, independent real estate appraisal and evaluation program," and that appraisers fulfilling reviews are obligated to "have the ability and skills to evaluate compliance with the Federal Reserves appraisal rules and guidelines." Laurie Hawes Appraisal Service provides appraisal review services that are independent, expert, professional and in line with the Federal Reserve's guidelines.

Appraisal reviews "must decide whether the appraisal or evaluation is applicable for the transaction, the uncertainty of the transaction, and whether the methods by which the collateral valuation is attained guarantees independence and quality," the Federal Reserve says. They "must also demonstrate whether the appraisal or evaluation report is compatible with the letter of engagement, which describes the scope of the appraisal assignment." Lastly, the Federal Reserve states that "some institutions add typical reviews with post-funding surveys of appraisal quality for a few of their high-liability or larger-value contracts as a means to assist in exposing valuation problems."

In addition to adjusting our work to the processes and guidelines of our review clients, there are four Fannie Mae forms that are widely used for review services, and we can formulate an appraisal review on any one of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. Here at Laurie Hawes Appraisal Service, we're qualified in all types of appraisal reviews, review practices and the obligations of review appraisers.