Quality Appraisal Reviews by People's Choice Appraisals

As said in an announcement by the Federal Reserve, "financial institutions are obligated to have an effective, impartial real estate appraisal and evaluation plan," and that appraisers performing reviews have to "have the proficiency and skillfulness to assess compliance with the Federal Reserves appraisal rules and guidelines." People's Choice Appraisals provides appraisal review services that are objective, efficient, professional and compliant with the Federal Reserve's guidelines.

The Federal Reserve says appraisal reviews "should find out whether the appraisal or evaluation is fitting for the transaction, the danger of the transaction, and whether the manner by which the collateral valuation is obtained guarantees independence and quality." Moreover, they "should signify whether the appraisal or evaluation report is compatible with the letter of engagement, which gives an account of the outlook of the appraisal assignment." The Federal Reserve also states that "some banks supplement routine reviews with post-funding surveys of appraisal quality for any of their higher-risk or large-value dealings as a means to aid in discovering valuation problems."

In addition to adjusting our work to the practices and guidelines of our review clients, there are four Fannie Mae forms that are mostly used for review services, and we can 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 People's Choice Appraisals, we're experienced in every kind of appraisal review, review procedure and the requirements of review appraisers.