Appraisal Reviews

As stated in an announcement by the Federal Reserve, "financial institutions must have an effective, impartial real estate appraisal and evaluation program," and that appraisers doing reviews are obligated to "have the familiarity and expertise to evaluate compliance with the Federal Reserves appraisal rules and guidelines." If you're looking for appraisal review services that are independent, efficient, professional and square with the Federal Reserve's guidelines, contact Covington Appraisals.

As stated by the Federal Reserve, appraisal reviews "ought to figure out whether the appraisal or evaluation is appropriate for the transaction, the uncertainty of the transaction, and whether the means by which the collateral valuation is collected ensures independence and quality." In addition, they "must denote whether the appraisal or evaluation report is consistent with the letter of engagement, which sets forth the capacity of the appraisal assignment." Last, The Federal Reserve says that "some financial institutions reinforce routine reviews with post-funding surveys of appraisal quality for a number of their high-risk or large-value transactions as a means to aid in identifying 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'll develop 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 Covington Appraisals, we are qualified in all types of appraisal reviews, review processes and the responsibilities of review appraisers.