Appraisal Reviews with Premier Appraisal of SoCal

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 completing reviews have to "have the ability and expertise to evaluate compliance with the Federal Reserves appraisal rules and guidelines." Premier Appraisal of SoCal provides appraisal review services that are independent, expert, professional and in line with the Federal Reserve's regulations.

Appraisal reviews "ought to figure out whether the appraisal or evaluation is suitable for the transaction, the danger of the transaction, and whether the process by which the collateral valuation is attained guarantees independence and quality," as stated by the Federal Reserve. In addition, they "should indicate whether the appraisal or evaluation report is compatible with the letter of engagement, which describes the extent of the appraisal assignment." Lastly, the Federal Reserve states that "some banks supplement typical reviews with post-funding assessments of appraisal quality for any of their high-liability or high-value dealings as a method to assist in revealing valuation complications."

In addition to conforming our work to the regulations and guidelines of our review clients, there are four Fannie Mae forms that are primarily used for review services, and we will 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 Premier Appraisal of SoCal, we are skilled in all kinds of appraisal reviews, review procedures and the obligations of review appraisers.