Quality Appraisal Reviews with JW -Appraisal

According to a statement by the Federal Reserve, "financial institutions must have effective, independent real estate appraisal and evaluation procedures," and that appraisers fulfilling reviews have to "have the proficiency and skills to evaluate compliance with the Federal Reserves appraisal rules and guidelines." JW -Appraisal provides appraisal review services that are independent, efficient, professional and square with the Federal Reserve's rules.

Appraisal reviews "ought to decide whether the appraisal or evaluation is appropriate for the transaction, the liability of the transaction, and whether the procedure by which the collateral valuation is accomplished ensures independence and quality," as stated by the Federal Reserve. Moreover, they "should signify whether the appraisal or evaluation report matches the letter of engagement, which describes the range of the appraisal assignment." Lastly, the Federal Reserve states that "some banks add routine reviews with post-funding assessments of appraisal quality for any of their high-liability or high-value affairs as a means to help in revealing valuation concerns."

In addition to adjusting our work to the procedures and guidelines of our review clients, there are four Fannie Mae forms that are generally 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 JW -Appraisal, we are experienced in every type of appraisal review, review practice and the responsibilities of review appraisers.