Appraisal Reviews

As said in a statement by the Federal Reserve, "financial institutions are obligated to have an effective, unbiased 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." At Crest Appraisal Services, we provide appraisal review services that are impartial, expert, professional and in accordance with the Federal Reserve's rules.

Appraisal reviews "should find out whether the appraisal or evaluation is fitting for the transaction, the danger of the transaction, and whether the processes by which the collateral valuation is attained ensures independence and quality," as stated by the Federal Reserve. In addition, they "must 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 banks supplement routine reviews with post-funding surveys of appraisal quality for a number of their higher-liability or large-value affairs as a method to help in detecting valuation dilemmas."

In addition to conforming our work to the forms and guidelines of our review clients, there are four Fannie Mae forms that are usually 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. Here at Crest Appraisal Services, we are trained in all forms of appraisal reviews, review procedures and the responsibilities of review appraisers.