Quality Appraisal Reviews with Larry Jr Appraisals

According to a statement by the Federal Reserve, "financial institutions are required to have effective, impartial real estate appraisal and evaluation plans," and that appraisers performing reviews must "have the proficiency and skills to assess compliance with the Federal Reserves appraisal regulations and guidelines." At Larry Jr Appraisals, we provide appraisal review services that are impartial, qualified, professional and compliant with the Federal Reserve's regulations.

Appraisal reviews "ought to conclude whether the appraisal or evaluation is pertinent for the transaction, the uncertainty of the transaction, and whether the means by which the collateral valuation is obtained guarantees independence and quality," according to the Federal Reserve. They "should also signify whether the appraisal or evaluation report is consistent with the engagement letter, which gives an account of the extent of the appraisal assignment." Last, The Federal Reserve says that "some institutions add routine reviews with post-funding assessments of appraisal quality for a few of their high-risk or greater-value contracts as a method to assist in discovering valuation complications."

In addition to adapting our work to the processes and guidelines of our review clients, there are four Fannie Mae forms that are primarily used for review services, and we will formulate an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. Here at Larry Jr Appraisals, we are qualified in every form of appraisal review, review practice and the responsibilities of review appraisers.