Expert Appraisal Reviews with Larry Jr Appraisals

According to an announcement by the Federal Reserve, "financial institutions must have an effective, impartial real estate appraisal and evaluation plan," and that appraisers fulfilling reviews ought to "have the proficiency and expertise to evaluate compliance with the Federal Reserves appraisal regulations and guidelines." Larry Jr Appraisals provides appraisal review services that are impartial, qualified, professional and in accordance with the Federal Reserve's regulations.

Appraisal reviews "ought to find out whether the appraisal or evaluation is applicable for the transaction, the danger of the transaction, and whether the method by which the collateral valuation is attained ensures independence and quality," as stated by the Federal Reserve. They "must also show whether the appraisal or evaluation report is consistent with the letter of engagement, which describes the capacity of the appraisal assignment." The Federal Reserve also states that "some financial institutions add routine reviews with post-funding evaluations of appraisal quality for any of their high-liability or higher-value transactions as a control to aid in identifying valuation disputes."

In addition to tailoring our work to the regulations and guidelines of our review customers, there are four Fannie Mae forms that are mostly used for review services, and we'll 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 Larry Jr Appraisals, we are experienced in all forms of appraisal reviews, review practices and the responsibilities of review appraisers.