Qualified Appraisal Reviews with People's Choice Appraisals

As said in a statement by the Federal Reserve, "financial institutions are obligated to have effective, impartial real estate appraisal and evaluation plans," and that appraisers fulfilling reviews should "have the familiarity and skillfulness to evaluate compliance with the Federal Reserves appraisal regulations and guidelines." People's Choice Appraisals provides appraisal review services that are objective, expert, professional and compliant with the Federal Reserve's guidelines.

According to the Federal Reserve, appraisal reviews "should conclude whether the appraisal or evaluation is suitable for the transaction, the risk of the transaction, and whether the processes by which the collateral valuation is collected guarantees independence and quality." They "should also signify whether the appraisal or evaluation report is compatible with the engagement letter, which sets forth the capacity of the appraisal assignment." Lastly, the Federal Reserve says that "some institutions supplement periodic reviews with post-funding surveys of appraisal quality for any of their higher-risk or high-value affairs as a means to assist in exposing valuation concerns."

In addition to adapting our work to the procedures and guidelines of our review clients, there are four Fannie Mae forms that are usually used for review services, and we'll formulate 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 People's Choice Appraisals, we are experienced in every type of appraisal review, review procedure and the requirements of review appraisers.