Qualified Appraisal Reviews with Record Appraisals, Inc

According to an announcement by the Federal Reserve, "financial institutions are obligated to have an effective, independent real estate appraisal and evaluation program," and that appraisers doing reviews are obligated to "have the ability and skills to determine compliance with the Federal Reserves appraisal rules and guidelines." Record Appraisals, Inc provides appraisal review services that are objective, efficient, professional and compliant with the Federal Reserve's rules.

As stated by the Federal Reserve, appraisal reviews "must conclude whether the appraisal or evaluation is fitting for the transaction, the danger of the transaction, and whether the means by which the collateral valuation is obtained ensures independence and quality." They "must also signify whether the appraisal or evaluation report is compatible with the letter of engagement, which gives an account of the capacity of the appraisal assignment." Lastly, the Federal Reserve states that "some banks add typical reviews with post-funding evaluations of appraisal quality for any of their higher-risk or higher-value affairs as a channel to assist in addressing valuation concerns."

In addition to conforming our work to the practices and guidelines of our review clients, there are four Fannie Mae forms that are typically 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 Record Appraisals, Inc, we are trained in every form of appraisal review, review process and the requirements of review appraisers.